Problema Solution
How many years will it take for $520.00 dollars to grow into $1,082.84 if it's invested at 10% compounded annually?
Answer provided by our tutors
P = $520 the principle
i = 10% or 0.10
A = $1,082.84 the future value
t = years
A = P(1 + i)^t
(1 + i)^t = A/P
t = ln(A/P) / ln(1 + i)
t = ln(1082.84/520) / ln(1 + 0.10)
t = 7.696 years
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it will take 7.696 years for $520.00 dollars to grow into $1,082.84.