How long do you need to invest your money in an account earning an annual interest rate of 4.569% compounded monthly so that your investment grows from $1,315.64 to $9,932.00

Answer 1

9932= 1315.64(1+.04569/12)^12t

solve for t to find the number of years required

general formula is

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

where r= APR

n= number of compounding periods per year

P = starting amount

A = ending amount

t = number of years