after m months, the monthly plan has a balance of
1000(1 + .05)^m
so, to make it to 1800, you have
1000(1.05)^m = 1800
1.05^m = 1.8
m log1.05 - log1.8
m = log1.8/log1.05 = 12.04
so, it will take about a year
You have 4 different investment options
4% interest
7% compound continuously
19% annually
5% every month
You have 1000 dollars
how long does it take for the value to double in each other investment options?
How long does it take until 1000 becomes 1800?
What does the 1000 dollars become after 10 years with each investment plan?
All i really have to know is how to figure out the monthly plan.
1 answer
1 answer