how long tme i have to wait to have $699 if i deposit $600 with 5.5% of interest?
Wouldn't it depend on how often the interest is compounded?
A = P + Prt
assuming compounded annually.
699 = 600 + 600(.055)t
Solve for t.
To find out how long it will take to accumulate $699 with a $600 deposit and a 5.5% interest rate, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = The final amount
P = The principal amount (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of times interest is compounded per year
t = Number of years
In this case, the principal amount (P) is $600, the interest rate (r) is 5.5% (or 0.055 as a decimal), and the final amount (A) is $699.
We need to calculate the time (t), so we can rearrange the formula and solve for t:
t = (ln(A/P)) / (n * ln(1 + r/n))
Let's plug in the values:
t = (ln(699/600)) / (1 * ln(1 + 0.055/1))
Using a calculator or a mathematical software, you can evaluate this equation to find the value of t.
Note: The natural logarithm (ln) is commonly denoted by "ln" or "log(e)" on calculators.
Once you calculate the value of t, you will have the approximate number of years it will take for your $600 deposit to grow to $699 with a 5.5% interest rate.