0
$\begingroup$

What is the formula to calculate when I will have a million dollars in my bank account?

An example is that I have $\$6,000$ in my account and have $6\%$ interest rate on that. How long will it take for it to be a million?

  • 2
    Which bank is that? Do they take deposits from non-locals?2012-02-11

1 Answers 1

0

$A = P\left(1 + \frac{r}{100}\right)^t \Rightarrow t = \frac{\log {A/P}}{\log (1+r/100)}$. Plug in it, $A=1000000, P=6000,r=6$ and you will get the answer in the time unit for which you have the interest rate.

  • 1
    It would change drastically.2012-02-11