$100,000 invested at 12% compounded monthly for 5 years. A=1000,000(1.01)^60. Given log 1.01=.00432. Find log A.
Please show the steps. I'm 48 years old, in college algebra, and confused...Help!
Please show the steps. I'm 48 years old, in college algebra, and confused...Help!
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There is a small confusion in your question. '$100,000' - here you have given five zeroes, whereas, while writing it afterwards in the formula, you have given six zeroes. If I take five zeroes and workout, it goes as below.
A=100000(1.01)^60
log A = log100000 + 60 log 1.01
log A = 5 + 60x0.00432 = 5.2592
A = antilog 5.2592 = $181,635.19
A=100000(1.01)^60
log A = log100000 + 60 log 1.01
log A = 5 + 60x0.00432 = 5.2592
A = antilog 5.2592 = $181,635.19