How Long Will It Take $1000 To Grow To $5006 At 8% Annual Interest And Compounded 12 Times Pre Year?
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P = P1(1+r/12)^12y
P is 5006 and P1 is 1000
r = 0.08
5006 = 1000(1+.08/12)^12y
5006/1000 = 1.006667^12y
5.006 = 1.006667^12y
ln(5.006) = 12y ln(1.006667)
ln(5.006)/ln(1.006667 =12y
y = ln (5.006) / (12 x ln(1.006667)
y= 1.61064 / (12 x 0.006645)
y = 20.2 years
P is 5006 and P1 is 1000
r = 0.08
5006 = 1000(1+.08/12)^12y
5006/1000 = 1.006667^12y
5.006 = 1.006667^12y
ln(5.006) = 12y ln(1.006667)
ln(5.006)/ln(1.006667 =12y
y = ln (5.006) / (12 x ln(1.006667)
y= 1.61064 / (12 x 0.006645)
y = 20.2 years
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