SOLUTION: Joe invested $5,200 in an account earning 3.8% annual interest that is compounded monthly. How long will it take to accumulate a total of $6,200 in the account?

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Question 1074644: Joe invested $5,200 in an account earning 3.8% annual interest that is compounded monthly. How long will it take to accumulate a total of $6,200 in the account?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5Et
6200=5200%281%2B3.8%2F%281200%29%29%5Et
%281.00317%29%5Et=31%2F26
t=log%28%2831%2F26%29%29%2Flog%28%281.00317%29%29
t=55.6
Let's round up to t=56months