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March 25, 2017

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How many years will it take to reach 18600 if Tina invests 1000 in an account that pays 6.5 percent interest?

  • math - ,

    Assuming compound interest at 6.5% compounded annually

    1000(1.065)^n = 18600
    1.065^n = 18.6
    log 1.065^n = log 18.6
    n log 1.065 = log 18.6
    n = log 18.6 / log 1.065 = appr 46.4 years

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