Question

How long would it take to have $1335.60 in interest if principal is $5300 and interest rate is 7%

Answer 1

(5300 + 1335.6)  = 5300(1 + 0.07)^n   where n is the number of years required

6635.6 = 5300(1.07)^n
(1.07)^n = 1.252
n log 1.07  = log 1.252

n =  log 1.252 / log 1.07 = 3.32 years Answer