Question

How long would it take $8000 to grow to $10,000 at 4% simple interest?

Answer 1

10,000 = 8000(1.04)^t

1.25 = (1.04)^t

log(1.25) = t*Log(1.04)

t = log(1.25)/log(1.04) = 5.69 years

Explanation:

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