Oliver invests $1,000 at a fixed rate of 7% compounded monthly, when will his account reach $10,000? | MathCelebrity Forum

Oliver invests $1,000 at a fixed rate of 7% compounded monthly, when will his account reach $10,000?

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Oliver invests $1,000 at a fixed rate of 7% compounded monthly, when will his account reach $10,000?

7% monthly is:
0.07/12 = .00583

So we have:
1000(1 + .00583)^m = 10000

divide each side by 1000;
(1.00583)^m = 10

Take the natural log of both sides;
LN (1.00583)^m = LN(10)

Use the identity for natural logs and exponents:
m * LN (1.00583) = 2.30258509299
0.00252458479m = 2.30258509299
m = 912.064867899

Round up to 913 months
 
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