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 answer:

t =  123 m

Step-by-step explanation:

p=9%=1009=0.09 i=1+p/12=1+1009/12=400403=1.0075  4000  it = 10000  it = 10000/4000  t log i = log 10000/4000  t1=logilog(10000/4000)=log1.0075log(10000/4000)122.6297 m  t=t1=122.6297=123 m



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Showing 1 comment:
Math student
Hi, what is the easiest way in calculating initial deposit (without multipliers but with the presence of other values like interest rate, final balance and year)?





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