Using either logarithms or a graphing calculator, find the time required for each initial amount to be at least equal to the final amount. $\$ 6800,$ deposited at 5.4$\%$ compounded monthly, to reach at least $\$ 15,000$
Added by Kathryn W.
Step 1
The formula is: $A = P(1 + \frac{r}{n})^{nt}$ where: - $A$ is the final amount - $P$ is the principal (initial amount) - $r$ is the annual interest rate (as a decimal) - $n$ is the number of times interest is compounded per year - $t$ is the number of years In Show more…
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