SOLUTION: How many years will it take for $1200 to amount to $2300 if invested at 7 percent compounded quarterly? (Round your answer to 2 decimal places) I used the following equation an

Question 1178164: How many years will it take for $1200 to amount to $2300 if invested at 7 percent compounded quarterly? (Round your answer to 2 decimal places)
I used the following equation and plugged my answers in, but I am unsure of how to solve for the exponent.
S=P(1 + r/f)^(ft)
2300=1200(1+0.07/4)-^(4)(t)
2300=1221^4t
Found 2 solutions by Boreal, ikleyn:
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
2300=1200(1.0175)^4t
divide through by 1200
1.916667=1.0175^4t
take ln both sides
0.65059=4t ln 1.0175
0.65059/ln1.0175=4t=37.50
that is t=9.375 years or 9.38 years.
the key is remembering that the ln of (x)^b = b ln x.

Answer by ikleyn(52909)   (Show Source): You can put this solution on YOUR website!
.
To see many similar solved problems with all detailed explanations (your TEMPLATES), look into these two lessons
    - Compound interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.

After reading these lessons, you will tackle such problems on your own without asking for help from outside.

Also, you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

Happy learning (!)

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