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
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
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?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

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? )

Looking for something else?

Not the answer you are looking for? Search for more explanations.