SOLUTION: If interest is earned at the rate of 5%, compounded annually, how long will it take an investment of $10,000 to grow to $15,000

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Question 1075071: If interest is earned at the rate of 5%, compounded annually, how long will it take an
investment of $10,000 to grow to $15,000
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
15,000 = 10,000(1+0.05)^t
divide both sides by 10,000:
1.5 = 1.05^t
rewrite, 1.5 = 3/2
log(1.05)^t = log(3/2)
t*log(1.05) = log(3/2)
t = (log(3/2))/(log 1.05)
t = log_1.05(3/2) = ~8.3 years