Not calculus. algebra
.08/4 = .02 per quarter
n = number of quarter years
15825 = 4500 (1.02)^n
log (15825/4500) = n log 1.02
.546131 = n log 1.02
n = 63.5 quarter years
so
63.5 /4 = 15.88
How long must 4500 dollars be left on deposit at 8 percent compounded quarterly to reach a total accumulation of 15825 dollars?
I did A=P(1+ r/n)^nt
so I got 15825 = 4500 ( 1 + 0.08/4)^4t, and got t = 3.24886 years...am I even using the right formula?
3 answers
In your earlier question you did not "factor out" the log function.
you (or Reiny) said
if log x = log y
then x = y
you (or Reiny) said
if log x = log y
then x = y
okay thanks
1 answer