### Home > A2C > Chapter 10 > Lesson 10.2.4 > Problem 10-112

10-112.

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 ✎

Use *y* = *ab ^{x}* where:

*y*= amount in account ($)

*x*= time (months)

*a*= start point = 1000

*b*= multiplier = .06

23.16 years