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What is the formula to calculate when I will have a million dollars in my bank account?

An example is that I have $\$6,000$ in my account and have $6\%$ interest rate on that. How long will it take for it to be a million?

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Which bank is that? Do they take deposits from non-locals? – Henning Makholm Feb 11 '12 at 22:26
up vote 0 down vote accepted

$A = P\left(1 + \frac{r}{100}\right)^t \Rightarrow t = \frac{\log {A/P}}{\log (1+r/100)}$. Plug in it, $A=1000000, P=6000,r=6$ and you will get the answer in the time unit for which you have the interest rate.

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Thanks, how would it change if you put in 6000 each year? – Anders Feb 11 '12 at 19:39
It would change drastically. – The Chaz 2.0 Feb 11 '12 at 20:07

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