CPM Homework Help : CCA2 Problem 9-81

If you deposit $$1000$ into an account that pays $6\%$ annual interest compounded monthly, how long do you have to wait until the account is worth $$4000$ ?

Hint:

See the Math Notes box in Appendix B, Lesson B.1.3.

Step 1:

$4000=1000\left(1+\frac{0.06}{12}\right)^{12t}$

Step 2:

$4=1.005^{12t}$

Step 3:

Take the log of both sides and then continue solving.