Suppose $18,100 is invested in a monthly compounded account at 3.01%. Approximately how long will it take for the balance to reach $39,820 ?

Question

Suppose $18,100 is invested in a monthly compounded account at 3.01%. Approximately how long will it take for the balance to reach $39,820 ?

Round the answer to the nearest tenth of a year.

? years

Answer 1

39820 = 18000(1 + 0.0301/12)^12t

2.212 ≈ (1.0025)^12t

ln 2.2122 ≈ 12t (ln 1.0025)

Can you solve for t and answer?