Question

you invest 1,000 at 5% interest componded annually. in how many years will you have 2000 in your account

Answer 1

maybe this can help http://www.moneychimp.com/articles/finworks/fmfutval.htm

Answer 2

ok so we have p = 1000, r = 5, t = ?, I = 2000

Answer 3

I = p (1 + r/100)^n

Answer 4

2000 = 1000(1.05)^n

Answer 5

(1.05)^n = 2

Answer 6

ok i am wrong somewhere

Answer 7

thank you.