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24 September, 04:03

I invest $1000 in an account earning 6% compounded annually. How long will it take for the value to reach $1500?

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  1. 24 September, 04:24
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    P = $1000

    I = 6%

    S ≥ 1500

    S = P (1 + i) ⁿ

    If n = 8 then:

    S = 1000 * (1.06) ^8 = 1000 * 1,59384 = $1593.84 ≥ $1500

    ⇒ n = 8 years
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