Find the time to the nearest tenth of a year that it takes for the amount of money in an account to become $300 if $200 is compounded monthly at 7%. A=P(1+r/n)^

Question

Please show work 

Answer 1

300 = 200(1+0.07/12)^12t

 

300 = 200(1.005833333)^12t

 

1.5 = (1.00583333333)^12t

 

ln(1.5) = 12t[ln(1.005833333)

 

t = 5.8 years