SOLUTION: I am hoping that someone can just give me the formula for figuring out a word problem involving compound interest. Orig invest $100. 7% annually. How long to earn $600. I can find
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Question 146460: I am hoping that someone can just give me the formula for figuring out a word problem involving compound interest. Orig invest $100. 7% annually. How long to earn $600. I can find examples everywhere for simple interest but can't find anything in 2 separate texts about compound interest. HELP!!! Thanks Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! When you need something like this use Google.
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just give me the formula for figuring out a word problem involving compound interest. Orig invest $100. 7% annually. How long to earn $600.
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A(t) = P(1+(r/n))^(nt)
600 = 100(1+(0.07/1)^(1*t)
6 = (1.07)^t
tlog(1.07) = log6
t = [log6]/[log(1.07)]
t = 26.48 years
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Cheers,
Stan H.
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