Question

CORRECT ME !
Odessa deposited $1,347.80 into a savings account with an interest rate of 3.3% compounded monthly. About how long will it take for the account to be worth $5,000?

25 years, 5 months

9 years,5 months

40 years, 5 months

39 years, 10 months<--- MY ANSWER

http://www.wolframalpha.com/input/?i=5000%3D1347.80%281%2B%280.033%29%2F%2812%29%29%5E%2812*t%29

Answer 1

your formula is fine

Answer 2

Is my answer right though ? :c

Answer 3

39 plus a little more ... yes

Answer 4

@amistre64 wow your a life saver !

Answer 5

try it out :)

1,347.80(1+.033/12)^(12*(39+10/12))

http://www.wolframalpha.com/input/?i=1%2C347.80%281%2B.033%2F12%29%5E%2812*%2839%2B10%2F12%29%29