how long will it take $3000 to grow to $20000 if compounded monthly at 7%

Question

solomonzelman · Answer

$\huge\color{blue}{     A=P(1+\frac{r}{n})^{nt} }$



P = principal amount (the initial amount you borrow or deposit)

r  = annual rate of interest (as a decimal)

t  = number of years the amount is deposited or borrowed for.

A = amount of money accumulated after n years, including interest.

n  =  number of times the interest is compounded per year 


plug your numbers in.

$\huge\color{blue}{     20,000=3,000(1+\frac{7}{12})^{(12)t} }$


need more help solving for "t" - (the number of years)   ?

solomonzelman · Answer

any questions, PLEASE ASK, don't leave. 

(I'll be back when you reply)

anonymous · Answer

t...?

anonymous · Answer

@ SolomanZelman how did you put value of N.....?