Asked by Jessica

We deposit $19000 into an account earning 3% interest compounded semiannually. How many years will it take for the account to grow to $47500 ? Round to 2 decimal places.
Answered by Steve
19000(1+.03/2)^(2n) = 47500
now just solve for n.
Answered by Damon
perhaps by taking a log to some base of both sides :)
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