A Alex Active member Nov 22, 2011 #1 A money market account has 2.4% APR interest compounded monthly. How many years would it take an investment of $1000 to reach $5000?
A money market account has 2.4% APR interest compounded monthly. How many years would it take an investment of $1000 to reach $5000?
L LittleFlow New member Nov 26, 2011 #2 A=PR^n 5000=1000R^n 5000=1000(1+2.4/100)^n 5= 1.024^n log 5= n log1.024 n = log 5 / log 1.024 n = 68 months
A=PR^n 5000=1000R^n 5000=1000(1+2.4/100)^n 5= 1.024^n log 5= n log1.024 n = log 5 / log 1.024 n = 68 months