SOLUTION: how long does it take $50 to grow to $200 invested at 4% compounded monthly

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Question 419618: how long does it take $50 to grow to $200 invested at 4% compounded monthly
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
A = P(1 + r/n)^(nt)
where
A is amount after time t
P is initial amount
r is interest rate
n is times compounded
t is time
.
how long does it take $50 to grow to $200 invested at 4% compounded monthly
.
A is 200
P is 50
r is .04
n is 12
t is what we're solving for
.
A = P(1 + r/n)^(nt)
+200+=+50%281+%2B+.04%2F12%29%5E%2812t%29+
+4+=+%281+%2B+.04%2F12%29%5E%2812t%29+
+4+=+%281.0033%29%5E%2812t%29+
+log%281.0033%2C4%29+=+12t+
+log%284%29%2Flog%281.0033%29+=+12t+
+log%284%29%2F%2812%2Alog%281.0033%29%29+=+t+
+t+=+34.72+ years