Asked by Anonymous
$9000 is invested at 8% compounded quarterly. In how many years will the account have 20)
grown to $11,000? Round your answer to the nearest tenth of a year.
grown to $11,000? Round your answer to the nearest tenth of a year.
Answers
Answered by
Reiny
We have to solve for n , where n is the number of quarter years
9000(1.02)^n = 11000
1.02^n = 1.222222...
log both sides
log (1.02^n) = log 1.22222..
n log 1.02 = log 1.22222..
n = log 1.22222/log 1.02 = 10.1335 or 10.1 years
9000(1.02)^n = 11000
1.02^n = 1.222222...
log both sides
log (1.02^n) = log 1.22222..
n log 1.02 = log 1.22222..
n = log 1.22222/log 1.02 = 10.1335 or 10.1 years
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.