How long would it take $3500 to grow to $8300 if the annual rate is 5.5% interest is compounded monthly

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asked Oct 14, 2018 85.8k views

1 Answer

DiaWorD · Answer 1 · 2018-10-19T15:34:38+0000

(Use the attached formula.)

Years = log(total / principal) / 12*log(1 + (rate/12)
Years = log(8,300/3,500) / 12 * log (1.0045833333)
Years = log( 2.3714285714 ) / 12 * 0.0019859686514
Years = 0.37501004802 / 0.0238316238
Years = 15.7358160387

How long would it take $3500 to grow to $8300 if the annual rate is 5.5% interest-example-1

How long would it take $3500 to grow to $8300 if the annual rate is 5.5% interest is compounded monthly

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