Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it
take for the account to be worth $10,000?
1 answer:
(See attached graphic)
Years = log (10,000 / 5,538.18) / [2 * log ( 1 + .059 / 2)]
Years = <span> log (<span>1.8056473426) / 2 * </span></span> log ( <span><span><span>1.0295 </span> </span> </span> <span>)
Years = </span>0.25663293307 / 2 * 0.012626350954
Years = 0.25663293307 / <span> <span> <span> 0.0252527019 </span> </span> </span> <span><span> </span> </span>
Years = <span> <span> <span> 10.1625930598 </span> </span> </span>
Years = log (10,000 / 5,538.18) / [2 * log ( 1 + .059 / 2)]
Years = <span> log (<span>1.8056473426) / 2 * </span></span> log ( <span><span><span>1.0295 </span> </span> </span> <span>)
Years = </span>0.25663293307 / 2 * 0.012626350954
Years = 0.25663293307 / <span> <span> <span> 0.0252527019 </span> </span> </span> <span><span> </span> </span>
Years = <span> <span> <span> 10.1625930598 </span> </span> </span>
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