Question

Abel invests $1,900 in a retirement account with a fixed annual interest rate of 5% compounded 2 times per year. approximately how many years will it take for the account balance to reach $5,400.00?

Answer 1

1,900((1 + .05/2)^(2t)) = 5,400

1.025^(2t) = 54/19

2t•ln(1.025) = ln(54/19)

t = about 21.15 years