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How many years, to the nearest tenth, will be needed for $5000 to increase to $18000 at 3.0% annual interest compounded

Sagot :

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Complete question :

How many years, to the nearest tenth, will be needed for $5000 to increase to $18000 at 3.0% annual interest compounded monthly

Answer:

Step-by-step explanation:

Initial amount (P) = 5000

Final amount (A) = 18000

Interest rate (r) = 3% = 0.03 compounded monthly

A = P(1 + r/n)^nt

n = number of compounding timea per period

18000 = 5000(1 + 0.03 / 12)^12t

18000 / 5000 = (1 + 0.0025)^12t

3.6 = (1 + 0.0025)^12t

3.6 = 1.0025^12t

Take the In of both sides

1.2809338 = 1.03t

t = 1.2809338 / 1.03

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