You want to start a savings account with $250. you want to save up to buy a large screen tv. you find an investment opportunity that pays 4% apr interest compounded monthly. how long will it take to turn your initial investment into $350?tell me a equation to this and how someone got 10 as the answer

8 Years, 6 Months. The formula for compound interest is FV = P * (1 + r/n)^(tn) where FV = Future value P = Initial principle r = Annual interest rate n = number of periods per year t = time in years Let's solve for t, the substitute the known value and calculate. FV = P * (1 + r/n)^tn FV/P = (1 + r/n)^tn log(FV/P) = log(1 + r/n) * tn log(FV/P)/log(1 + r/n) = tn log(350/250)/log(1 + 0.04/12) = 12t log(1.4)/log(1 + 0.003333333) = 12t 0.146128036/log(1.003333333) = 12t 0.146128036/0.001445241 = 12t 101.1098138 = 12t 8.425817816 = t So it will take 8.4258 years, which is 8 years and a bit over 5 months. Rounding up, we have 8 years, 6 months. As for the second question about how someone got 10 as an answer, all I can say is they made a mistake or that they didn't know how to calculate the correct answer.

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