### Home > INT3 > Chapter 9 > Lesson 9.1.4 > Problem9-48

9-48.

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

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

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

$4=1.005^{12t}$

Take the log of both sides and then continue solving.