The number of years it takes for the balance in your savings account to reach $5625.41 is 11 years
How to calculate compound interest
The formula for calculating compound interest is expressed as;
A =P(1+r)^t
Given the following
A = $5625.41
P = $4000
r = 0.031
Substitute the given parameters into the formula to have:
$5625.41 = 4000(1.031)^t
1.4063525 = (1.031)^t
t = ln(1.4063525)/ln(1.031)
t = 0.34074/0.03052
t = 11 years
Hence the number of years it takes for the balance in your savings account to reach $5625.41 is 11 years
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