Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 6%. No money is added or withdrawn from the account. How many years will it take for the account to contain $2500?

Answer 1

1500(1.06)^n = 2500
1.06^n = 1.6666..
take log of both sides
log 1.06^n = log 1.6666...
n log 1.06 = log 1.6666..
n = log 1.6666.. / log 1.06 = appr 8.8 years