Question

How long would it take $3500 to grow to $8300 if the annual rate is 5.5% interest is compounded monthly

Answer 1

(Use the attached formula.)

Years = log(total / principal) / 12*log(1 + (rate/12)
Years = log(8,300/3,500) / 12 * log (1.0045833333)
Years = log( 2.3714285714 ) / 12 * 0.0019859686514
Years = 0.37501004802 / 0.0238316238
Years = 15.7358160387