Math help please?

0 ⤊

if 1500$ is invested now at 7% per annum compounded annually. when will it reach $3150?

2007-11-20 15:22:40 · 2 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics

3150 = 1500(1.07)^t
2.1 = 1.07^t
log 2.1 = t log 1.07
t = (log 2.1)/(log 1.07)
t = 10.966
so 11 years.

2007-11-20 15:32:02 · answer #1 · answered by Philo 7 · 0⤊ 0⤋

Lucky you, we just did this in my math class this morning...
I will do it then post the answer

2007-11-20 23:34:29 · answer #2 · answered by ŠתּἇʀʅʏȻħȁɾɭɏ44 5 · 0⤊ 0⤋