Suppose you have $9800 deposited at 5.1% compounded monthly. About long will it take your balance to increase to $11300?

Question

Math

Answer 1

11300=9800(1+.051/12)^12t

solve for t

general formula is

A=P(1+r/n)^nt

where t = years

n= number of compounding periods per year

r = rate of interest

P= investment

A= end Amount