Question

Serge invests $700 at 5.75% per year,
compounded quarterly. When the account
is closed, its value will be $950. How long
will Serge’s money be invested?

Answer 1

950=700(1+.0575/4)^n
solve for quarters n.

take log of each side
log(950)=log(700)+n*log(1.0244)

solve for n.

Answer 2

It doesnt get me the right answer.

Answer 3

OOPs, typo
1 + .0575/4=1.0144