Ask Question
22 July, 12:58

How long (in years) will it take a $3500 investment in a compound interest account with a 20 percent rate of return to grow to a balance of $112,000?

+2
Answers (1)
  1. 22 July, 14:27
    0
    112000=3500 (1+0.20) ^t

    Solve for t

    112000/3500=1.20^t

    Log (112000/3500) = t*log (1.20)

    t=log (112,000:3,500) : log (1.20)

    t=19 years
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “How long (in years) will it take a $3500 investment in a compound interest account with a 20 percent rate of return to grow to a balance of ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers