Question

Suzy deposits $500 in a savings account with an interest rate of 6% compounded annually. if suzy does not make any additional deposits or withdrawals, how long will it take for suzy to earn at least $95

Answer 1

for y being the time in years

595 = 500 (1 + .06)^y

log(595 / 500) = y log(1.06)

Answer 2

$531.8