0 like 0 dislike
0 like 0 dislike
How many days would it take to hit $1 million if you started with $1000 and each day it increased by 5%?

4 Answers

0 like 0 dislike
0 like 0 dislike
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.

​

P.S. wolfram alpha is a very good online calculator, you can just plug in whole equations and it'll give you a solution.
0 like 0 dislike
0 like 0 dislike
Do you recognize what math you are doing to do from $1000 to $1050 or from $1050 to $1102.50?
0 like 0 dislike
0 like 0 dislike
1,000,000 = 1,000(1 + .05) ^ t

Use a logarithm to solve for t

t = 141.581 days
0 like 0 dislike
0 like 0 dislike
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.

Related questions

0 like 0 dislike
0 like 0 dislike
5 answers
WinnieTeca asked Jun 21
My understanding is that t-tests work mainly because sampling distributions of means are normally distributed—regardless of the distribution of the variable under study...
WinnieTeca asked Jun 21
0 like 0 dislike
0 like 0 dislike
5 answers
DasmanNewsCom asked Jun 21
For those who passed SRM and sat for PA not long after, how long did you need to study for PA to feel prepared?
DasmanNewsCom asked Jun 21
0 like 0 dislike
0 like 0 dislike
3 answers
ericdanetz asked Jun 21
Health to Life switchers, could you tell me some reasons why you switched and what makes you more interested in Life compared to Health?
ericdanetz asked Jun 21
0 like 0 dislike
0 like 0 dislike
6 answers
lkreitzman asked Jun 21
Is it possible to pass SRM with minimal preparation ( 2 months w/ a full time job) if you are already knowledgeable in statistical modeling?
lkreitzman asked Jun 21
0 like 0 dislike
0 like 0 dislike
25 answers
Teoparedes_93 asked Jun 21
Spent too much time on this not to share with r/actuary - I hope you get a chuckle out of it!
Teoparedes_93 asked Jun 21

33.4k questions

135k answers

0 comments

33.7k users

OhhAskMe is a math solving hub where high school and university students ask and answer loads of math questions, discuss the latest in math, and share their knowledge. It’s 100% free!