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

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
Respond to this Question
Similar Questions

math
Linda invests $15,000 in a retirement account that pays 9%interest compounded monthly. How much will she have in this account after 5 years? 
Calculas HS
continous compounding you have $1000 wiht which to open an account to which you plan also to add $ 1000 per year. all funds in the account will earn 10% annual interest compounded continously. if the added deposits are also credited … 
Math
$100 is deposited in a savings account that pays 4% interest compounded annually. A) how much is in the account after 5 years? 
math
Each year, Cathy invests $1,200 in her account. The account pays an interest rate of 6.3%. The formula to calculate the balance in her account is B =A(1+ r)n+1 A, where r A is the amount invested per year, r is the interest rate, … 
matlab
One bank pays 5.5 percent annual interest, while a second bank pays 4.5 percent annual interest. Determine how much longer it will take to accumulate at least $50 000 in the second bank account if you deposit $1000 initially and $1000 … 
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 Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn … 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
If you put $ 6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in five years? 
theory of interest
1.Two investments are made at the same time. The first consists of investing 1550 dollars at a nominal rate of interest of 7.9 percent convertible semiannually. The second consists of investing 1450 dollars at a nominal rate of interest … 
Maths
theo invests £800 in an account that pays 2% simple interest each year how much interest is earned in a year how much there will be in the account after 5 years how much will there be in 10 years 
Algebra
Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the …