SOLUTION: How long will it take $15,000 to grow to $17,000 if the investment earns interest at the rate of 5%/year compounded monthly? Round your answer to the nearest tenth.

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Question 514867: How long will it take $15,000 to grow to $17,000 if the investment earns interest at the rate of 5%/year compounded monthly? Round your answer to the nearest tenth.
Found 2 solutions by solver91311, lovingmath00:
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!








Solve for

John

My calculator said it, I believe it, that settles it
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Answer by lovingmath00(2) About Me  (Show Source):
You can put this solution on YOUR website!
P= $15000
F= $17000
j= 5% i= 5%/12
m =12
t= %28log%28F%2FP%29%29%2F%28m%28log%281%2B%28j%2Fm%29%29%29%29


t= %28log%2817000%2F15000%29%29%2F%2812%28log%281%2B%28.05%2F12%29%29%29%29
t= 2.508 years