Question

a person invests $2560 in an account that earns 5.2% annual interest. find when the value of the investment reaches $6000

Answer 1

6000=2560(1+0.052)^t
Solve for t
t=log(6,000÷2,560)÷log(1+0.052)
t=16.8 years

Answer 2

The time required to get a total amount of $6,000.00  is 16.802 years.

(about 16 years 10 months)

Compound Interest

Given Data

• Principal p = $2560

• Rate r = 5.2%

• Final Amount A = $6000

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 5.2/100

r = 0.052 per year,

Then, solve the equation for t

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(6,000.00/2,560.00) / ( 1 × [ln(1 + 0.052/1)] )

t = ln(6,000.00/2,560.00) / ( 1 × [ln(1 + 0.052)] )

t = 16.802 years

Learn more about compound interets here:

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