Problema Solution
How long would it take $2,900 to grow to $9,600 if the annual rate is 3.6% and interest is compounded monthly?
Answer provided by our tutors
9600 = 2900[1 + (3.6/100)]n
96/29 = [1 + (3.6/1200)]n
log(96/29) = n * log(1.036)
n = 399.6 = 400 months = 33.3 = 34 years