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raimelgarcia5 Group Title

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?

  • one year ago
  • one year ago

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  1. raimelgarcia5 Group Title
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    Options: a) 14 years, 5 months b) 20 years, 10 months c) 21 years, 2 months d) 29 years, 11 months

    • one year ago
  2. Nurali Group Title
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    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

    • one year ago
  3. Nurali Group Title
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    can you solve for t now?

    • one year ago
  4. raimelgarcia5 Group Title
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    I dont understand the log thingy... :/

    • one year ago
  5. raimelgarcia5 Group Title
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    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? )

    • one year ago
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