Compound Interest

If you deposit $6000 in an account paying 6.5% annual interest compounded quarterly, how long until there is $12600 in the account?

Correct result:

t =  141 m

Solution:

i=1+6.5/100/4=8138001.0163  6000 in=12600 in=12600/6000  nlogi=log12600/6000  n=log(12600/6000)log(i)=log(12600/6000)log(1.0163)46.0277 q n1=n=46.0277=47  t=12/4 n1=12/4 47=141 m



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