Answered

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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 :)

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