You want to buy your dream car, but you are $5,000 short. If you could invest your entire savings of $2,350 at an annual interest rate of 12%. How long would you have to wait until you have accumulated enough money to buy the car?

Answer 1

2350(1.12)^n = 5000
1.12^n = 2.12766

take log of both sides

n log 1.12 = log 2.12766
n = ....