Asked by Peter

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?
Answered by bobpursley
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.
Answered by Peter
It doesnt get me the right answer.
Answered by bobpursley
OOPs, typo
1 + .0575/4=1.0144
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