im not really sure but maybe itslike a month because the way I put it in my calculator Is
1200/0.07=17142.85714
but im not good at math so idk. I tried at least
You deposit $1200 in an account that pays an APR of 7% compounded monthly. How long will it take for your balance to reach $150,000?
2 answers
I assume you are depositing the $1200 every month
monthly rate = .07/12 = .00583333..
number of months = n
1200( 1.0058333..^n - 1)/.0058333 = 150000
( 1.0058333..^n - 1)/.0058333 = 125
1.0058333^n - 1 = .72916662..
1.00583333^n = 1.72916662...
take log of both sides
log 1.00583333^n = log 1.72916662...
nlog 1.00583333 = log 1.72916662...
n = log 1.72916662.../log 1.00583333
n = 94.15 monts
n = appr 94 months or 7 years and 10 months
monthly rate = .07/12 = .00583333..
number of months = n
1200( 1.0058333..^n - 1)/.0058333 = 150000
( 1.0058333..^n - 1)/.0058333 = 125
1.0058333^n - 1 = .72916662..
1.00583333^n = 1.72916662...
take log of both sides
log 1.00583333^n = log 1.72916662...
nlog 1.00583333 = log 1.72916662...
n = log 1.72916662.../log 1.00583333
n = 94.15 monts
n = appr 94 months or 7 years and 10 months
1 answer