500,000 / 10,000 = 50
r = 0.086/12 = 0.00717
t (in months) = ln(50) / ln(1.00717)
t = 3.91202 / 0.00714
t = 547.81733 months, or 547.81733 / 12 = 45.65 years, which is 45 + (0.65)12 = 45 years and 7.8 months
10,000 x 1.086^20 = 52071.07036
therefore...
Louise will expect to have $500,000 in 20 months.
I...er, I got the same. Now don't be scaring me now with all those explanation marks, child.
louise would like to save $500,000. she currently has $10,000 to invest in an account offering 8.6% interest compound monthly. In how many years should she expect to have the $500,000?