Use logarithms to solve the problem. How long will it take $12,000 to grow to $16,000 if the investment earns interest at the rate of 5%/year compounded monthly? (Round your answer to two decimal places.) yr

Use logarithms to solve the problem. How long will it take $12,000 to grow to $16,000 if the investment earns interest at the rate of 5%/year compounded monthly? (Round your answer to two decimal places.) yr

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 10E

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Use logarithms to solve the problem.

How long will it take $12,000 to grow to $16,000 if the investment earns interest at the rate of 5%/year compounded monthly? (Round your answer to two decimal places.)

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