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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long
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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

User Nsagha Kingsly
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1 Answer

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A=p(1+i/m)^mn
40400=40000(1+0.06/2)^2n
40400/40000=(1.03)^2n
Log(40400/40000)=2n*log(1.03)
2n=log(40400/40000)/log(1.03)
N=0.2
User Lilawood
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