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 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.
1 answer
1 answer