Asked by Farouk
if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500
Answers
Answered by
Reiny
i = .065/12 = .0054166...
2500(1.0054166..)^n = 7500 , where n is the number of months
1.0054166..^n = 3
log both sides, and use log rules
n log 1.0054166.. = log3
n = aprr 203.37 months
= 16.95 years
2500(1.0054166..)^n = 7500 , where n is the number of months
1.0054166..^n = 3
log both sides, and use log rules
n log 1.0054166.. = log3
n = aprr 203.37 months
= 16.95 years