Question

Albert is saving up money for a down payment on a house. He currently has $4718, but knows he can get a loan at a lower interest rate if he can put down $5323. If he invests the $4718 in an account that earns 5% annually, compounded quarterly, how long will it take Albert to accumulate the $5323? Round your answer to 2 decimal places.

Answer 1

4718(1+.05/4)^(4n) = 5323
(1.0125)^(4n) = 1.1282
4n = log(1.1282)/log(1.0125)
n = 2.4
or, roughly 2 1/2 years

Answer 2

math

Answer 3

the answer is 4