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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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41 votes
41 votes
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)?

User Carl Bussema
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1 Answer

19 votes
19 votes
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
User Qiaosen Huang
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