If you 4

If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account?

Correct answer:

t =  66 m

Step-by-step explanation:

p=11%=10011=0.11 y=4 i=1+p/y=1+0.11/4=400411=1.0275 a=2500 b=4500  a in=b  nlogi=logb/a  n=log(i)log(b/a)=log(1.0275)log(4500/2500)21.6666  t=12/y n=12/4 21.6666=66 m

Did you find an error or inaccuracy? Feel free to write us. Thank you!


Tips to related online calculators
Do you want to convert time units like minutes to seconds?

You need to know the following knowledge to solve this word math problem:

Related math problems and questions: