9514 1404 393
Answer:
19 years
Step-by-step explanation:
The compound interest formula tells you the future value of principal P invested at annual rate r compounded n times per year for t years is ...
A = P(1 +r/n)^(nt)
Solving for t, we get ...
t = log(A/P)/(n·log(1 +r/n))
Using the given values, we find t to be ...
t = log(2.13022)/(4·log(1 +0.04/4)) ≈ 19.000
The investment will be worth $213,022 after 19 years.
