Question

Compound interest problem

Answer 1

So, start with the growth formula
A=P(1+r)^t    then plug in the values
6200=5200(1+.038)^t
then divide both sides by 5200
1.1923076923=1.038^t
then take the log of both sides
log(1.1923076923)= t log(1.038)
then divide both sides by the log(1.038)
4.7161004299=t 
then round it to the nearest whole number
5=t
so about 5 months