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Algebra II

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Using the formula for present worth, a=y/(1+n)^t, in how many years will it take for $50,000 accumulate to $70,000 at 15% interest?

  • Algebra II - ,

    I am going to ignore your formula, since the variables are not defined, instead your problem becomes

    50000(1.15)^t = 70000
    1.15^t = 1.4
    log (1.15^t) = log 1.4
    t log 1.15 = log 1.4
    t = log 1.4/log 1.15 = 2.4 = 2 years and about 5 months

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