We deposit $19000 into an account earning 3% interest compounded semiannually. How many years will it take for the account to grow to $47500 ? Round to 2 decimal places.

Question

We deposit $19000  into an account earning 3%  interest compounded semiannually. How many years will it take for the account to grow to $47500 ? Round to 2 decimal places.

Steve · Answer

19000(1+.03/2)^(2n) = 47500 now just solve for n.

Damon · Answer

perhaps by taking a log to some base of both sides :)