- #1

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my current method is 20000(1.02)

^{x}=1000000, and solve for x

I get 197, which is months, 197/12=16.4yr. about. is that right?

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- Thread starter rock4christ
- Start date

- #1

- 34

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my current method is 20000(1.02)

I get 197, which is months, 197/12=16.4yr. about. is that right?

- #2

- 98

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A = P ( 1 + r/n ) ^nt

Amount is equal to princple times 1 plus rate divided by number of times interest is compounded per year to the numbver of times interest is compounded per year times time.

PLug in your values and solve for t

- #3

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so 1000000=20000(1+0.02/12)^{nt} what answer would you get?

- #4

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Also, you have to use the n with the exponent too. After that plug and chug and solve for t. You might have to use logs.

- #5

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- #6

HallsofIvy

Science Advisor

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Unless it was editted, I don't see where the original post said anything about "every 2 months".

Also, you have to use the n with the exponent too. After that plug and chug and solve for t. You might have to use logs.

No, that would be for 2% perso 1000000=20000(1+0.02/12)^{nt}what answer would you get?

[itex]20000(1.02)^x=1000000[/itex]

so [itex]1.02^x= 1000000/20000= 50-[/itex], x log(1.02)= log(50),

x= log(50)/log(102)= 198 months, about 16 and a half years, as the original post said. What was all the fuss about?

- #7

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Unless it was editted, I don't see where the original post said anything about "every 2 months".

No, that would be for 2% peryearand the question is about 2% per month (24% annual- PLEASE tell me where you can get that!). The formula in the orginal post was correct.

[itex]20000(1.02)^x=1000000[/itex]

so [itex]1.02^x= 1000000/20000= 50-[/itex], x log(1.02)= log(50),

x= log(50)/log(102)= 198 months, about 16 and a half years, as the original post said. What was all the fuss about?

ah my mistake, I put the 2 from the 2percent in front of the months. It happens.

- #8

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I was just seeing if my math was right, and its actually 4% annual, I had a bit of a mix up.

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