Math Problem Statement
We want to find out how long it will take for $39,000 to grow to $230,000 at an annual interest rate of 4.6%.
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Logarithms
Compound Interest
Formulas
Compound interest formula: A = P(1 + r)^t
Logarithmic transformation: t = ln(A/P) / ln(1 + r)
Theorems
Logarithm Properties
Exponential Growth
Suitable Grade Level
Grades 10-12
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