SOLUTION: If $250.00 is invested at 5% compounded annually, how many years will it take until your money is worth $980.00?

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Question 915930: If $250.00 is invested at 5% compounded annually, how many years will it take until your money is worth $980.00?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
980/250 = (1.05)^x
log(3.92)/log(1.05) = x = 28 years