Question
If I deposit $3500.00 into an account with a annual rate of 4.5 compounded monthly how long would it to reach $5000.00
Answers
Steve
solve for t:
5000 = 3500(1+.045/12)^(12*t)
t =~ 8 years
5000 = 3500(1+.045/12)^(12*t)
t =~ 8 years