CPM Homework Help : A2C Problem 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$ ?

Hint:

Use $y = ab^{x}$ where:
$y=\text{amount in account}(\$)$
$x=\text{time(months)}$
$a = \text{start point} = 1000$
$b = \text{multiplier} = .06$

Answer:

$23.16 \text{ years}$