If you 2

If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account?

Correct result:

t =  123 m

Solution:

p=9%=9100=0.09 i=1+p/12=1+0.09/12=403400=1.0075  4000 it=10000 it=10000/4000  tlogi=log10000/4000  t1=log(10000/4000)log(i)=log(10000/4000)log(1.0075)122.6297 m  t=t1=122.6297=123 m



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