SOLUTION: $4,482 is deposited into a savings account at 4% interest, compound annually. To the nearest year, how long will it take for the account balance to reach $1,000,000?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: $4,482 is deposited into a savings account at 4% interest, compound annually. To the nearest year, how long will it take for the account balance to reach $1,000,000?
Log On
Question 1061126: $4,482 is deposited into a savings account at 4% interest, compound annually. To the nearest year, how long will it take for the account balance to reach $1,000,000? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! 1,000,000=4,482(1+0.04)^x
223.11 = (1.04)^x
log(223.11) = log(1.04)^x
log(223.11) = x*log(1.04)
x = [log(223)]/[log(1.04)]
x = 137.865 years
