+6 How long will it take to earn $135 interest on $1500 with an interest rate of 3%?
+2592 Plug and chug buddy
1635 = 1500(1.03)^t
1635/1500 = 1.09
1.09 = 1.03^t
Log each side
log(1.09) = log(1.03)^t
Pull T out to front
log(1.09)=t*log(1.03)
Isolate T
t=log(1.09/1.03)
log(1.09)/log(1.03) = 2.9154664501233074
So about 2.92 units. Probably years in this instance.
