Question

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?

Answer 1

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

Answer 2

typo

Answer 3

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

Answer 4

you need the steps?

Answer 5

please

Answer 6

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

Answer 7

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

Answer 8

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

Answer 9

now a calculator