Question

How many days would it take to hit $1 million if you started with $1000 and each day it increased by 5%?

Answer 1

so the equation for this would be 1.05\^t \* 1000 = 1000000.

If we divide both sides by 1000 it simplifies to 1.05\^t = 1000

Now take the log of both sides and we can further simplify to t \* log(1.05) = log(1000)

From there it's easy to solve with a calculator.

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P.S. wolfram alpha is a very good online calculator, you can just plug in whole equations and it'll give you a solution.

Answer 2

Do you recognize what math you are doing to do from $1000 to $1050 or from $1050 to $1102.50?

Answer 3

1,000,000 = 1,000(1 + .05) ^ t

Use a logarithm to solve for t

t = 141.581 days

Answer 4

The equation is

A = P * (1.05)^t

Plugging in the variables and solving for t, we get t = 48.8 days.

EDIT: I was wrong — I neglected to take the natural log of 1,000.