Math
posted by Shannon .
$100 is deposited in a savings account that pays 4% interest compounded annually.
A) how much is in the account after 5 years?
B) use logarithms to determine how many years it will take for the account to grow to $1000.
Could someone show me how to do this step by step? Thank you

a) amount = 100(1.04)^5
= ...
b)
100(1.04)^n = 1000
1.04^n = 10
log[ 1.04^n ] = log 10
n log 1.04 = 1
n = 1/log 1.04 = ...
(you do the buttonpushing)
Respond to this Question
Similar Questions

math
Samantha opened a savings account and deposited some money into the account. The account pays an annual simple interest rate of 5%. After 9 years, the interest earned on the account was $1,800. How much money did Samantha deposit in … 
Algebra
Show how you substitute the values into the formula, then use your calculator. *Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year. *Use I = Prt to find the amount of simple interest … 
differential equation
If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn … 
Math
a person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. at the end of 10 years, how much money will ve in the savings account? 
Math
(a) Themba wants to deposit a sum of money into a savings account so that he will have R30 000 in 3 years time for an overseas holiday how much money must he deposit into the account if the interest paid on the savings is 8,5% p.a … 
math
Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore … 
MATH HELP! Complex Interest
Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore … 
Lat math question for some days. Can y'all help?
Huan deposited $850 into a college savings account earning 4.8% interest compounded annually. He also deposited $850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account … 
Math
I need to see how this is answered. 1. Lauren deposited $200 into her savings account with 1% interest rate compounded annually. After 4 years her balance was $208.12. Colby deposited $200 into a savings account that earned a 2% simple … 
math
Phil deposited $1,000 in a savings account. How much will he have in his account in two years if his account is compounded annually at a 2% interest rate?