Asked by thomas
How many years will it take to reach 18600 if Tina invests 1000 in an account that pays 6.5 percent interest?
Answers
Answered by
Reiny
Assuming compound interest at 6.5% compounded annually
1000(1.065)^n = 18600
1.065^n = 18.6
log 1.065^n = log 18.6
n log 1.065 = log 18.6
n = log 18.6 / log 1.065 = appr 46.4 years
1000(1.065)^n = 18600
1.065^n = 18.6
log 1.065^n = log 18.6
n log 1.065 = log 18.6
n = log 18.6 / log 1.065 = appr 46.4 years
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