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Algebra 2 question - solving ?
When P dollars are invested at interest rate "I", compounded monthly, for t years, the investment grows to A dollars where A = P (1 + i/12)^12t. Find the time it takes $10,000 to grow to $15,000 at 4% annually.
I know that...
10,000 (1 + 0.04/12) ^ 12t = 15,000.
But how do I solve from here?
I know the answer is 10.15 years, but I just don't know how to get there.
1 Answer
- Anonymous1 decade agoFavorite Answer
10,000 (1 + 0.04/12) ^ 12t = 15,000
(1 + 0.04/12) ^ 12t = 15000 / 10000
= 1.5
Taking logs:
12t log(1 + 0.04 / 12) = log(1.5)
t = log(1.5) / [ 12 log(1 + 0.04 / 12) ]
= 10.15 yr.