Suppose $22,600 is invested in a daily compounded account at 5.28%. Approximately how long will it take for the balance to reach $64,410 ?

Answer 1

64410 = 22600(1 + 0.0528/365)^365t

64410 ≈ 22600(1.0001446575342)^365t

2.85 ≈ (1.0001446575342)^365t

ln 2.85 ≈ 365t ln 1.0001446575342

1.047318994 ≈ 365t (0.0004464753151)

1.047318994 ≈ 0.16296349t

6.426 ≈ t