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?
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?
$A = P\left(1 + \frac{r}{100}\right)^t \Rightarrow t = \frac{\log {A/P}}{\log (1+r/100)}$. 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.