Question

If Jane invests $1500 in a savings account with a 6% interest rate compounded monthly, how long will it take until Jane's amount has a balance of $5200?

PLEASE PROVIDE WORK SHOWN​

Answer 1

hi buddy I don't know if this is enough but the working is there

Answer 2

t = 20.772

Explanation:

r = R/100

r = 6/100

r = 0.06 per year,

Then, solve the equation for t

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(5,200.00/1,500.00) / ( 12 × [ln(1 + 0.06/12)] )

t = ln(5,200.00/1,500.00) / ( 12 × [ln(1 + 0.005)] )

t = 20.772 years