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April 19, 2015

April 19, 2015

Posted by **Helen** on Saturday, August 11, 2012 at 10:02pm.

Principal-$6000

I need to find out how many interest periods for the amount to grow to $9500.

What is the formula too pleae.

- Maths -
**drwls**, Sunday, August 12, 2012 at 2:37amEach interest period increases the principal by 3%. After N six-month interest periods,

Principal = 9500 = 6000*(1.03)^N

9500/6000 = 1.58333 = 1.03^N

N = Log1.58333/Log1.03= 15.55

If compounding only occurs once every six months, you will need to 16 interest periods to raise the principal above $9500

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