00:01
If you invest $1 ,000 at 4 .5 % compounded monthly, which means n is going to equal to 12, then how long is it going to take for the account and get to $5 ,000? well, this is going to be our value of a, this is our value of p.
00:20
When we put this as 0 .045, that's going to be our value of r.
00:24
And, of course, this is going to be n.
00:26
So let's plug that in.
00:28
5 ,000 equals 1 ,000.
00:35
1 plus 0 .045 over 12 to the 12 times t.
00:43
Well, i'm going to first divide by 1 ,000.
00:46
So i want to have 5 equals.
00:48
Let me go to my calculator and see if that's going to be a pretty answer.
00:51
1 plus 0 .045 divided by 12...