SOLUTION: A principal of $1400 is invested at 6% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?

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Question 1130343: A principal of $1400 is invested at 6% interest, compounded annually. How many years will it take to accumulate $2000 or more in the account?
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
1400(1+0.06)^t >= 2000
1.06^t = 1.43
log 1.43 = t(log 1.06
(log 1.43)/(log 1.06) = t = 6.14
It will take approximately 6 years for the account to go frem 1400 to 2000