How long will it take for $4500 to grow to $25,900 at an interest rate of 7.1% if the interest is 2) compounded quarterly? round
the number of years to the nearest hundredth?
1 answer:
Years = log(total / principal) / n*log(1 + rate/n)
Years = log (25,900 / 4,500) / 4 * log (1 + .071 / 4)
Years = log ( <span> <span> <span> 5.7555555556 </span> </span> </span> ) / 4 * log ( <span>1.01775)
</span>Years = 0.76008725031 / 4 * 0.0076411110514
Years = 0.76008725031 / <span> <span> <span> 0.0305644442 </span> </span> </span>
Years = <span> <span> <span> 24.8683485077 </span> </span> </span>
Years = 24.87 (rounded to nearest hundredth)
Source:
http://www.1728.org/compint3.htm
Years = log (25,900 / 4,500) / 4 * log (1 + .071 / 4)
Years = log ( <span> <span> <span> 5.7555555556 </span> </span> </span> ) / 4 * log ( <span>1.01775)
</span>Years = 0.76008725031 / 4 * 0.0076411110514
Years = 0.76008725031 / <span> <span> <span> 0.0305644442 </span> </span> </span>
Years = <span> <span> <span> 24.8683485077 </span> </span> </span>
Years = 24.87 (rounded to nearest hundredth)
Source:
http://www.1728.org/compint3.htm
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