Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it take for the account to be worth $10,000?

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asked Jul 3, 2018 167k views

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Vladimir Gondarev · Answer 1 · 2018-07-09T11:24:53+0000

(See attached graphic)
Years = log (10,000 / 5,538.18) / [2 * log ( 1 + .059 / 2)]
Years = log (1.8056473426) / 2 * log ( 1.0295 )
Years = 0.25663293307 / 2 * 0.012626350954
Years = 0.25663293307 / 0.0252527019
Years = 10.1625930598

Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded-example-1

Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it take for the account to be worth $10,000?

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