How long will lucy have to wait before her $2500 invested at 6% earns $600 ?

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asked Feb 13, 2015 225k views

3 votes

How long will lucy have to wait before her $2500 invested at 6% earns $600 ?

Mathematics
high-school

Limoragni asked

by Limoragni

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1 Answer

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$\$2500+\$600=3100\$\\\\100\%+6\%=106\%=1.06\\\\\$2500\cdot1.06^n=\$3100\ \ \ /:\$2500\\\\1.06^n=1.24\\\\log_(1.06)1.06^n=log_(1.06)1.24\\\\n=log_(1.06)1.24\\\\n\approx4\ (years)$

Agrynchuk answered Feb 17, 2015

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