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
                                                    There are no AI answers yet. The ability to request AI answers is coming soon!
                                            
                Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.