# Math

posted by .

George invests \$ 15 000 at 7.2%/a compounded monthly . How long will it take for his investment to grow to \$ 34 000

• Math -

let the number of months be n
i = .072/12 = .006
15000(1.006)^n = 34000
1.006^n = 2.266666...
log 1.006^n = log 2.66666..
n log 1.006 = log 2.26666...
n = log 2.266666.../log 1.006
= 136.79 or 137 months
= 11 years and 5 months

## Similar Questions

1. ### math

The Investment Problem. Suppose that Rod invests \$1,000 at 6% compounded daily and Sheila invests \$1,000 at 7% (per year) simple interest. In how many years will Rod’s investment be worth more than Sheila’s investment?
2. ### Math Finite

How many years will it take for \$12,000 to grow to \$15,000 at 5.75% compounded monthly?
3. ### MAAAATTTTHHHHHH

Franco invests some money at 6.9%/a compounded annually and David invests some money at 6.9%/a compounded monthly. After 30 years, each investment is worth \$25 000. Who made the greater original investment and by how much?
4. ### Math

A couple needs \$15,000 as a down payment for a home. If they invest the \$10,000 they have at 8% compounded quarterly, how long will it take for the money to grow into \$15,000?
5. ### Math

Chris invests \$10 000 at 7.2%/a compounded monthly. How long will it take for his investment to grow to \$25 000?
6. ### algebra

How long, to the nearest day, will it take \$25,000 to grow to \$500000 at 9% annual interest compounded monthly?
7. ### math

Anny invests \$3,000, at 6% interest, compounded monthly for 1 year. Use Table 11-1 to calculate the compound amount for her investment.

Anny invests \$3,000, at 6% interest, compounded monthly for 1 year. Use Table 11-1 to calculate the compound amount for her investment

You want to buy furniture which will cost N\$ 20,000. You could take out a personal loan for N\$20,000, which would charge you 9% p.a. interest compounded monthly. You also have N\$20,000 in an investment account, where you earn interest …

You want to buy furniture which will cost N\$ 20,000. You could take out a personal loan for N\$20,000, which would charge you 9% p.a. interest compounded monthly. You also have N\$20,000 in an investment account, where you earn interest …

More Similar Questions