SOLUTION: How long will it take for $4,500 to grow to $10,000 if it is invested in an account paying 3.25% per year compounded annually? Explain your work and write your answer in years roun
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-> SOLUTION: How long will it take for $4,500 to grow to $10,000 if it is invested in an account paying 3.25% per year compounded annually? Explain your work and write your answer in years roun
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Question 1095252: How long will it take for $4,500 to grow to $10,000 if it is invested in an account paying 3.25% per year compounded annually? Explain your work and write your answer in years rounded to one decimal place. Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! 10000/4500=2.2222222
2.2222=(1+0.0325)^n where n is the number of years for the money to grow
ln 2.22222=ln (1+0.0325)^n=n ln 1.0325
n=24.97 years
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