SOLUTION: find how many years it will take for $15,500 to increase to $30,000 in a savings account with a 6.75% interest rate with 4 compounding yearly. This is under a Exponential and Loga
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-> SOLUTION: find how many years it will take for $15,500 to increase to $30,000 in a savings account with a 6.75% interest rate with 4 compounding yearly. This is under a Exponential and Loga
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Question 1029228: find how many years it will take for $15,500 to increase to $30,000 in a savings account with a 6.75% interest rate with 4 compounding yearly. This is under a Exponential and Logarithmic Functions assignment.
A = P (1 + r/n)^nt is the formula given Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! find how many years it will take for $15,500 to increase to $30,000 in a savings account with a 6.75% interest rate with 4 compounding yearly.
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30000 = 15500*(1 + r)^t (t in 1/4's)
(1 + 0.0675/4)^t = 30000/15500
1.016875^t = 60/31
t*log(1.016875) = log(60/31)
t = log(60/31)/log(1.016875)
t =~ 39.46 quarters
=~ 9.866 years
