finding compound periods

[Sue0113]

need help understand finding compound periods

How long in compound periods will it take for $3327 to increase by $3799 if you are able to earn 6.2% compounded smi-annually?

 

[tkhunny]

Basic Principles. You MUST get good at it.

"How long in compound periods will it take for $3327 to increase by $3799 if you are able to earn 6.2% compounded smi-annually? "

"earn 6.2%"
i = 0.062

"compounded semi-annually"
i/2 = 0.031

Accumulation factor
r = 1 + i/2 = 1.031

Accumulation
3327 * r^n = 3799 -- Solve for n.

I suspect there is no part of that particularly scary to you. Really, just dive in. You won't hurt it.

 

[Sue0113]

r^n

what is r^n? sorry I'm new at this math!

 

[Sue0113]

not really familliar with exponents

so then I'd have 3327X.062^n = 3799
so how do I find n
I'm really confused here!

 

[Sue0113]

formula help

not at all now I totally lost!
3327(1.031)^n=3799
is what I got from tktunny's post...but I have no clue how to solve for n.

 

[tkhunny]

...but I have no clue how to solve for n.

This is a serioius problem. We do need to determine if you are in the right class. Logarithms and Exponents are mandatory for survival in this class. You may need t back up a step and get some more algebra.