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+10011/4=400411=1.0275 a=2500 b=4500  a in = b  n log i = log b/a  n=logilog(b/a)=log1.0275log(4500/2500)21.6666  t=12/y n=12/4 21.6666=66 m



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