I need help solving this math problem, compound value solving for ^ n?

Question

$500 to grow to $1,039.50 if invested at 5% interest compounded anually

I atleast need the formula
thanks

Answer 1

1039.5 = 500 8 * (1+ .05) ^ N

Log 1039.5 = log 500.8 + N * log (1.05)

N = (Log 1039.5 - log 500.8) /(log 1.05)

now you can solve it

Answer 2

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