Suppose $17,800 is invested in a monthly compounded account at 6.45%. Approximately how long will it take for the balance to reach $44,500

Answer 1

44500 = 17800(1 + 0.0645/12)^12t

2.5 = (1.005375)^12t

ln 2.5 = (12t)(ln 1.005375)

Can you solve for t and answer?

Answer 2