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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)?
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Aug 17, 2023
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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)?
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Mateo Tibaquira
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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
CPB
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Aug 22, 2023
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