00:01
We're going to invest $2 ,000 at a rate of 3 % compounded monthly, and we want to know how long will it take to become $2 ,370.
00:11
Let's look at our formula.
00:13
A equals p, 1 plus r over n to the nt.
00:17
We know this is $2 ,370.
00:20
We're going to invest the $2 ,000.
00:22
We have a rate of .03.
00:26
Monthly means we're getting it 12 times, so we're going to have 12t.
00:31
Now we need to solve for t.
00:33
Let's divide by 2 ,000.
00:36
I'm going to get rid of these zeros and just go 237 over 200.
00:40
We could simplify that, but we don't need to...