Question 1136980
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For the part you solved, you know the amount of time and you want to know the final balance:<br>
{{{700(1+.06/12)^((2*12)) = 700(1.005)^24 = 789.01}}}<br>
So you did that part right.<br>
For the other part, the formula is the same; but now the final value is known and the amount of time is not:<br>
{{{700(1.005)^t = 1000}}}<br>
With the unknown in an exponent, you need to use logarithms to solve the problem.<br>
{{{1.005^t = 1000/700 = 10/7}}}
{{{t*log((1.005)) = log((10/7))}}}
{{{t = log((10/7))/log((1.005))}}}<br>
Use a calculator...; and remember the answer you get is in months.