Ask Question
28 February, 02:04

If tanisha has $100 to invest at 8% annum compounded monthly, how long will it be before she has $150?

+4
Answers (1)
  1. 28 February, 02:25
    0
    An exponential behavior can be observed.

    Let x be the number of years she has to wait.

    100 ((1+0.08/12) ^12x) = 150

    Now solve for x.

    log base 1.08/12 of 1.5 = 61.02 approx

    12x=61.02

    x=5.09 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If tanisha has $100 to invest at 8% annum compounded monthly, how long will it be before she has $150? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers