SOLUTION: If Liera deposiTS five thousand pesos into an account paying six percent annual interest compounded monthly, how long until there is P8000 in the account?

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Question 1139016: If Liera deposiTS five thousand pesos into an account paying six percent annual interest compounded monthly, how long until there is P8000 in the account?
Answer by ikleyn(52803) About Me  (Show Source):
You can put this solution on YOUR website!
.
8000 = 5000%2A%281%2B0.06%2F12%29%5En,


where n is the number of months.


8000%2F5000 = %281+%2B+0.06%2F12%29%5En


8%2F5 = %281+%2B+0.06%2F12%29%5En


log%28%288%2F5%29%29 = n%2Alog%28%281%2B0.06%2F12%29%29


n = log%28%288%2F5%29%29%2Flog%28%281%2B0.06%2F12%29%29 = 94.2.


ANSWER.  95 months, or about 8 years.


CHECK.   5000%2A%281%2B0.06%2F12%29%5E95 = 8030.56.   ! Correct !

Solved.