<PRE><B>Question 588088</B>
Joe invested $6000 on Feb 22nd, 2012 into an account earning 3 ž%
compounded monthly. How many days will it take for his investment to earn
$2000 in interest?
----
A(t) = P(1+(r/n))^(nt)
----
Value will be $8000 at that time.
Note: t days is t/365 years
-----------------------------------
8000 = 6000(1+(0.0375/12))^(12(t/365))
---------------------
4/3 = (1.0031)^(12t/365)
----
(12t/365) = log(4/3)/log(1.0031)
(12t/365) = 92.94
t = 2827.06 days
==================
Cheers,
Stan H.
==================</PRE>