Ask a New Question

how long would it take $3,100 to grow to $8,800 if the annual rate is 3.5% and interest is compounded monthly? please help

1 answer

i = .035/12 = .002916667

solve for n

8800 = 3100(1.002916667)^n

use logs

Ask a New Question or answer this question.

Similar Questions

What annual interest rate is required for a debt of $11,385 to grow into $14,383 in 8 years if interest compounds monthly? Round
1. 1 answer
Reuben deposited $2000into an account with a 3.8% annual interest rate, compounded semiannually. Assuming that no withdrawals
1. 2 answers
Reuben deposited $2000 into an account with a 3.8% annual interest rate, compounded semiannually. Assuming that no withdrawals
1. 1 answer
How long will it take for a investment to 6424 grow to at an annual rate of 6% , compounded monthly? Assume that no withdrawals
1. 1 answer

more similar questions