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BlackZzzverrR [31]
3 years ago
11

How long (in years) will it take a $3500 investment in a compound interest account with a 20 percent rate of return to grow to a

balance of $112,000?
Mathematics
1 answer:
algol [13]3 years ago
4 0
112000=3500(1+0.20)^t
Solve for t
112000/3500=1.20^t
Log(112000/3500)=t*log(1.20)
t=log(112,000÷3,500)÷log(1.20)
t=19 years
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