Question 366573: YOU INVEST 4000 DOLLARS AT 6% COMPOUNDED MONTHLY, WHEN WILL YOU HAVE 25000 DOLLARS?
Answer by amoresroy(361)   (Show Source):
You can put this solution on YOUR website! YOU INVEST 4000 DOLLARS AT 6% COMPOUNDED MONTHLY, WHEN WILL YOU HAVE 25000 DOLLARS?
Let x = no. of months
A = pr^t
25,000 = 4000(1+.06/12)^x
6.25 = (1.005)^x
(1.005)^x = 6.25
Log[(1.005)^x = 6.25]
x Log 1.005 = Log 6.25
x = 367.44 say 368
You will have $25,000 after 368 months ( 30 years & 8 months)
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