Math Problem Statement
How many years (and months) will it take $2 million to grow to $6.40 million with an annual interest rate of 8 percent?
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Compound Interest
Formulas
Compound Interest Formula: A = P(1 + r)^t
Logarithmic Equation: t = log(A/P) / log(1 + r)
Theorems
Laws of Exponents
Logarithmic Functions
Suitable Grade Level
Grades 10-12