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Algebra 2

Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 6%. No money is added or withdrawn from the account. How many years will it take for the account to contain $2500?

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  1. 1500(1.06)^n = 2500
    1.06^n = 1.6666..
    take log of both sides
    log 1.06^n = log 1.6666...
    n log 1.06 = log 1.6666..
    n = log 1.6666.. / log 1.06 = appr 8.8 years

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    Reiny

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