## anonymous one year ago Pat deposits $6,000 into an account earning 4% compounded monthly. How long will it take the account to grow to$10,000?

1. kropot72

You need to solve the following equation to find the value of t = required number of months: $\large 10000=6000(1+\frac{0.04}{12})^{t}$

2. anonymous

T=-538.42

3. kropot72

To solve the equation, first divide both sides by 6000, giving $\large 1.6667=(1+\frac{0.04}{12})^{t}$ Next we simplify the term in brackets and take logs of both sides: $\large \log 1.6667=t \log 1.0033$ Now we divide both sides by log 1.0033 to give $\large t=\frac{\log 1.6667}{\log 1.0033}=you\ can\ calculate$