Mathematics, 07.07.2019 03:00 LordBooming
If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account?
Answers: 1
![\bf 10000=4000\left(1+\frac{0.09}{12}\right)^{12t}\implies \cfrac{10000}{4000}=\left(1+\frac{0.09}{12}\right)^{12t} \\\\\\ \cfrac{5}{2}=\left(1+\frac{0.09}{12}\right)^{12t}\impliedby \textit{now we take \underline{log} to both sides} \\\\\\ log\left( \frac{5}{2} \right)=log\left[ \left(1.0075\right)^{12t} \right]\implies log\left( \frac{5}{2} \right)=12t\cdot log[1.0075] \\\\\\ \cfrac{log\left( \frac{5}{2} \right)}{12\cdot log(1.0075)}=t](/tpl/images/0060/1825/8e1b6.png)
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If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until th...
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