SOLUTION: A principal of $2400.00 is invested at 8% interest, compounded annually. How many years will it take to accumulate $7000.00 or more in the account?
Write the answer as a whole
Algebra ->
Equations
-> SOLUTION: A principal of $2400.00 is invested at 8% interest, compounded annually. How many years will it take to accumulate $7000.00 or more in the account?
Write the answer as a whole
Log On
Question 389132: A principal of $2400.00 is invested at 8% interest, compounded annually. How many years will it take to accumulate $7000.00 or more in the account?
Write the answer as a whole number. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! 7000 = 2400*(1.08)^n (n in years)
1.08^n = 7000/2400
n*log(1.08) = log(70/24)
n = log(70/24)/log(1.08)
n =~ 14 years
