Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Get detailed and accurate answers to your questions from a community of experts on our comprehensive Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

If you deposit $2500 into an account paying 11% annual interest compounded quarterly, how
long until there is $4500 in the account?

Sagot :

chipp05

Answer:

5.4

Step-by-step explanation:

4500 = 2500(1 + 0.11/4 ^4t)

4500 = 2500(1.0275)^4t

1.8 = 1.0275^4t

log(1.8) = log(1.0275^4t)

log(1.8) / log(1.0275 4t ) =4t

21.66662507 = 4t

t = 5.4

Hope this helps :)

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.