anonymous
  • anonymous
Roberta deposited $3,116.92 into a savings account with an interest rate of 3.9% compounded quarterly. About how long will it take for the account to be worth $7,000?
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
Options: a) 14 years, 5 months b) 20 years, 10 months c) 21 years, 2 months d) 29 years, 11 months
Nurali
  • Nurali
Use the Formula, A = P(1 + i/n)^(nt) A is the eventual amount, P is the Principal amount, i is the interest expressed as a decimal, n is the number of times the interest is compounded per time period and t is the number of time periods. 7000 = 3116.92(1 + 0.039/4)^4t 7000= 3116.92(1.00975)^4t 7000/3116.92 = 1.00975^4t 2.24581= 1.00975^4t log on both side 4tLog 1.00975 = Log 2.24581 4t ≈ 83.385
Nurali
  • Nurali
can you solve for t now?

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anonymous
  • anonymous
I dont understand the log thingy... :/
anonymous
  • anonymous
the answer will be 20 years and 10month.... but i want to understand how you got to: 4t ≈ 83.385 (like, how do you solve the log, and why u used it? )

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