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 result:

t =  66 m

Solution:

p=11%=11100=0.11 y=4 i=1+p/y=1+0.11/4=411400=1.0275 a=2500 b=4500   a in=b  nlogi=logb/a  n=log(b/a)log(i)=log(4500/2500)log(1.0275)21.6666  t=12/y n=12/4 21.6666=66 m



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