Name: ________________________ Date: ________________________________

MCF3M : PAIN Formula
Determining n Homework

1) Solve for n
a) (1.08)n = 2		b) (1.0235)n = 1.61	c) 500(1.03)n = 1200 

2) Steven has found a great investment that pays out 10.4%, compounded weekly.  If he turned $1000 into $1400 using this method, how many weeks did he save this money for?

3) Amanda hears about this investment on television that can turn $10000 into $25000.  She calculates that this would be 15.8% compounded monthly for this to work?  How long was the investment for?

4) Cynthia earns $2500 this summer.  She decides to invest it at 7% compounded monthly for 3 years and then at 8% compounded monthly for 2 years.  She then invests it at 9% compounded monthly until it has a final value of $5000.  How long does this take?