SOLUTION: Tyron is saving up money for a down payment on a motorcycle. He currently has $5648, but knows he can get a loan at a lower interest rate if he can put down $6355. If he invests

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: Tyron is saving up money for a down payment on a motorcycle. He currently has $5648, but knows he can get a loan at a lower interest rate if he can put down $6355. If he invests       Log On


   

Question 1140182: Tyron is saving up money for a down payment on a motorcycle. He currently has $5648, but knows he can get a loan at a lower interest rate if he can put down $6355. If he invests the $5648 in an account that earns 6% annually, compounded monthly, how long will it take Tyron to accumulate the $6355? Round your answer to two decimal places, if necessary.

Answer by Shin123(626) About Me  (Show Source):
You can put this solution on YOUR website!
6% interest compounded monthly is 6/12=0.5% per month. So the equation is 5648%2A%281.005%29%5Ex=6355 Dividing, we get %281.005%29%5Ex=1.125. Solving for x, we have x=23.65 months.