You deposit the same $10,000 into a bank account at 4% annual interest. how long will it take for the $10,000 to compound to $30,000?
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time = 28 years

Step-by-step explanation:

Given,

principal amount = $10,000

rate = 4%

total amount = $30,000

According to compound interest formula

where, A = total amount

            P = principal amount

            r = rate

            t = time in years

so, from the question we can write,

by taking log on both sides, we will get

=> log3 = t.log(1.04)

=> t = 28.01

So, the time taken to get the amount from 10000 to 30000 is 28 years.

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step-by-step explanation:

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