Principal: $11000

Ending Balance: $19000

Rate: 6%

Compound: Daily

Time: ?

The investment will grow to $19,000 in ____years?

Effective annual rate "EAR":

0.06 / 365 = 0.00016

(1.00016^365) - 1 = 0.06183, or 6.183%
time = ln(19,000 / 11,000) / ln(1.06183)

= ln(1.72727) / ln(1.06183)

= 0.54654 / 0.05999

= 9.11 years

check math: FV = PV(1 + r)^n

FV = $11,000(1.06183^9.11) = $19,000

PV: 11 000

FV: 19 000

Rate: 0.06/ 365

Use your formula and solve for n.

(I don't have my calculator with me now :( )

Principal: $11000

Ending Balance: $19000

Rate: 6%

Compound: Daily

Time: ?

The investment will grow to $19,000 in ____years?