A client has $$160$ thousand in a bank account, which pays $7\%$ APR compounded monthly. Since FDIC protection only applies on amounts at or below $$250$ thousand, he wants to know how long it will take for the account to exceed this value.

Enter answer in months, accurate to two decimal places.

nswered

Answer

$76\mathrm{.}73$ margin of error $+1.-1\%$

Solve for time in the time value of money equation.