SOLUTION: If you invest $1500 at 5% compounded monthly, how many years would you have to leave your money in the account to end up with $2500?

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Question 865606:
If you invest $1500 at 5% compounded monthly, how many years would you have to leave your money in the account to end up with $2500?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

 In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount = 2500

P= principal = 1500

r= annual rate = .05

n= periods per year = 12

t= years =

log%281.667%29%2F12log%281.004%29 = t