Find the number of years for $4800 to grow to $9400 at 6% compounded quarterly. Round to the nearest tenth of a year.

Answer 1

9400/4800 = (1.015)^4y = 1.9583
where y is the number of tears.

Solve for y. I recommend using logs

4y = log1.9583/log1.015

y = 11.3 years