Question 1183161
Find the time required for an investment of 5000 dollars to grow to 6500 dollars at an interest rate of 4.4 percent per year, compounded monthly.
<pre>{{{matrix(6,3, A, "=", P(1 + i/m)^(mt), "6,500", "=", "5,000"(1 + .044/12)^(12t), "6,500"/"5,000", "=", (1 + .044/12)^(12t), 13/10, "=", (1 + .011/3)^(12t), 1.3, "=", (3.011/3)^(12t), 12t, "=", log ((3.011/3), (1.3)))}}}
Time taken for $6,500 to accumulate to $5,000, or {{{highlight_green(matrix(1,13, t, "=", (log ((3.011/3), (1.3)))/12, "=", "5.973749368,", or, highlight(highlight_green(highlight(6))), "(rounded", up, to, following, "year)", years))}}}