You deposit $3500 in an account that pays 4.5% annual interest, compounded monthly. How long will it take for the balance to reach 5,000?

Question

anonymous · Answer

solve 
$$5000=3500(1+\frac{.045}{12})^{23t}$$ for t.

anonymous · Answer

typo

anonymous · Answer

$$5000=3500(1+\frac{.045}{12})^{12t}$$

anonymous · Answer

you need the steps?

anonymous · Answer

please

anonymous · Answer

divide by 3500 get 
$$\frac{10}{7}=(1.00375)^{12t}$$

anonymous · Answer

our answer will not be precise because .045/12 is a repeating decimal, but we will be close

anonymous · Answer

solve 
$$\frac{10}{7}=(1.00375)^{12t}$$ via 
$$\ln(\frac{10}{7})=12t\ln(1.00375)$$
$$t=\frac{\ln(\frac{10}{7})}{12\ln(1.00375)}$$

anonymous · Answer

now a calculator