Mathematics, 15.07.2019 15:00, PuppyLover3479
Find the time required for $5000 to be equal to $14,000 when deposited at 7% compounded monthly
Answers: 2
![\bf \cfrac{14}{5}=\left( 1+\frac{7}{1200} \right)^{12t}\implies \cfrac{14}{5}=\left(\cfrac{1207}{1200} \right)^{12t} \\\\\\ log\left(\frac{14}{5} \right)=log\left[ \left(\frac{1207}{1200} \right)^{12t} \right]\implies log\left(\frac{14}{5} \right)=12t\cdot log\left[ \left(\frac{1207}{1200} \right) \right] \\\\\\ \cfrac{log\left(\frac{14}{5} \right)}{12\cdot log\left[ \left(\frac{1207}{1200} \right) \right]}=t\implies 14.75\approx t](/tpl/images/0092/8595/dc49b.png)
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