Question

If you deposit today 11,613 in an account earning 8% compound interest, for how long should you invest the money in order to earn 15,131.76 (profit)?

Answer 1

y = a (b)^t/p

y is total money

a is original amount

b is growth / decay factor

t is time

p is the frequency of every growth or decay

15131.76 = 11613 x 1.08^x

15131.76 / 11613 = 1.08^x

1.303… = 1.08^x

log1.303…. = xlog1.08

x = 3.43902165741 years