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Question

Estimate the number of years that the accumulated balance (future value) will reach $15,000 if the principal (present value) is $3,000 compounding daily with the annual interest rate is 5%. Round your answer to one decimal place.

Answer 1

15000 = 3000(1 + .05/365)^365t

5 = (1 + .05/365)^365t

log(5) = 365tlog(1 + .05/365)

t = log(5)/365log(1 + .05/365)

t = 32 years