Reuben deposited $2000 into an account with a 3.8% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to $3000?

Answer 1

3000 = 2000 [1 + (.038 / 2)]^(2t)
... t is the number of years

1.5 = 1.019^(2t)

log(1.5) = 2t * log(1.019)