Question 1140183: 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 Boreal(15235)   (Show Source):
You can put this solution on YOUR website! this is 5648(1+.06/12)^12n=6355
divide both sides by 5648
1.125=(1.005)^12n, but round at end
ln both sides
0.1179=12n ln (1.005)=12n*0.004987=0.05985n
n=1.97 years
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