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Working through this problem and would like to know if my solution is correction. 100,000 is invested at 2.25% interest compounded monthly.
Working through this problem and would like to know if my solution is correction.
100,000 is invested at 2.25% interest compounded monthly. I have to determine how long it will take to reach 1,000,000. Rounding my answer to three decimal places.
I believe the formula is 100,000(1+0.025/12)^(12x)
I get to 10 = 1.001875x^(12x) but I'm not sure where to go from here. I do know the final result should be 35.###=xI believe based on the graph values when I tried it that method.