Question 1033886: if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500
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A(t) = P(1+(r/n))^(n*t)
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7500 = 2500(1+(0.065/12))^(12*t)
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1.0054^(12t) = 3
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12t = log(3)/log(1.0054)
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12t = 204
t = 17 years
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Cheers,
Stan H.
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