Candice deposited $3,587.39 into a savings account with an interest rate of 4.2% compounded twice a year. About how long will it take for the account to be worth $5,000?

Time taken for the amount deposited to grow to $5000 will be found as follows:

A=P (1+r/100*n) ^nt

where:

A=amount

P=principle

r=rate

n=number of terms

t=time

thus plugging in our values we have:

5000=3587.39 = (1+4.2/200) ^2t

solving for t we have:

1.393771=1.021^2t

2t=ln1.393771/ln1.021

2t=16.111

t=8.055685 years~8 years