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Need help with a math problem?
How many years will it take for a $3000 deposit to grow to $3800?
6 Answers
- davidLv 76 years ago
Currently the market is only paying < 1% --- so I'll use 1 % as an example
compounding is not mentioned either --- I will do annually.
A(t) = P(1+ i)^t
3800 = 3000(1.01)^t
1.01^t = 3800/3000
t ln 1.01 = ln (38/30)
t = [ ln (38/30) ] / ln 1.01 = 23.757 or 24 years
- ?Lv 76 years ago
You can't solve this without the interest rate & knowing how the rate is compounded (daily, monthly, annually, continuously, etc)
- 6 years ago
can you explain the answer throughly. you are not saying any key words or equations in order to get to the answer
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