Math Problem Statement
Use logarithms to solve the problem. How long will it take $15,000 to grow to $18,000 if the investment earns interest at the rate of 2%/year compounded monthly? (Round your answer to two decimal places.)
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Exponential Growth
Compound Interest
Logarithms
Formulas
Compound Interest Formula: A = P(1 + r/n)^(nt)
Logarithmic Equations
Theorems
Properties of Logarithms
Suitable Grade Level
Grades 11-12
Related Recommendation
How Long Will It Take for $10,000 to Grow to $15,000 with 8% Continuous Compounding?
Calculate Time for Investment to Triple at 5% Interest Compounded Monthly
Calculate Time Required for $15,000 to Grow to $91,221.04 with 5% Compound Interest
Compound Interest Calculation for Investment Growth to $60,000
How Long for $3000 to Grow to $14000 at 5% Compounded Monthly