It will take how many years for the balance to reach $160,000

Question

$4000 is deposited in an account that pays an APR of 8.1% compounded annually how long will it take for the balance to reach $160,000

Answer 1

160000=4000(1+.081)^t

solve for t

t = time measured in years

1.081^t = 16000/4000 = 40

t= log40/log1.081 = a long time = about 47.36222 years

about half a century

use a calculator with log functions