Math Word Problem

Question

How many months would it take for a debt to grow by 24% if the annual interest rate is 2.5% with 6 compounding intervals per year?

Hint: each compounding interval is 2 months long.  

Round your answer to the nearest month. 

Answer 1

(1+.025/6)^(6t)=1.24.

Find t using logarithm. t is the number of years.

Multiply by 12 to get the number of months.