An investment of 60,800 increases to 83,200 if invested at 15% compounded monthly. Find the term of investment

Question

An investment of 60,800 increases to 83,200 if invested at 15% compounded monthly. Find the term of investment

Answer 1

A = p(1 + r/n)^nt

83200 = 60800(1 + 0.15/12)^12t

1.3684 ≈ (1 + 0.0125)^12t

1.3684 ≈ 1.0125^12t

ln 1.3684 ≈ 12t ln 1.0125

 

Can you solve for t?