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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 acco…

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 acco…
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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 Sufia
by
8.2k points

1 Answer

3 votes
40,000(1+.06/6)^6t=40,000
ln40400/40000
(ln=natural log)
User Nikola Despotoski
by
8.4k points
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