A=P ert, Where P=89000 r=4.05%, t=time?

Question

how long would it take for $89000 to get to 120,000 dollars., my guess was 7 years using this formula

Answer 1

Actually it is 8 years and not 7 years, the formula is

89,000(1+0.0405)^n

n is the time ,

120,000 = 89,000(1+0.0405)^n

then n = 8 years  with few days less around 7 days