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Reference no: EM131823472

Suppose you deposit $1,061.00 into an account today that earns 14.00%. It will take ___ years for the account to be worth $2,708.00.

I have:

2,708 = 1061 (1+14%)^n

2.5523^(1/n) = 1.14

The answer is 7.15 but how did they get to that number. Please explain how to solve for "n" when it is an exponent (might be saying the wrong thing but for the n)? Am I on the right track

Reference no: EM131823472

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