SOLUTION: Find how long it takes $800 investment to earn $500 interest if it is invested at 3% interest compounded monthly
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Question 1090434: Find how long it takes $800 investment to earn $500 interest if it is invested at 3% interest compounded monthly Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! Find how long it takes $800 investment to earn $500 interest if it is invested at 3% interest compounded monthly
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800 + 500 = 1300
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1300 = 800*(1 + 0.03/12)^t --- t in months
13/8 = 1.0025^t
log(13/8) = t*log(1.0025)
t = log(1.625)/log(1.0025)
t =~ 195 months
