SOLUTION: How much time will be needed for $37,000 to grow to $38,122.55 if deposited at 3% compounded quarterly?
____ years
(Do not round until the final answer. Then round to the n
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Question 1193734: How much time will be needed for $37,000 to grow to $38,122.55 if deposited at 3% compounded quarterly?
____ years
(Do not round until the final answer. Then round to the nearest tenth as needed.)
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!
^{4t}\ =\ 38122.55)
^{4t}\ =\ \frac{38122.55}{37000})
Take the log of both sides:
^{4t}\ =\ \ln\(\frac{38122.55}{37000}\))
\ln\(1\,+\,\frac{0.03}{4}\)\ =\ \ln\(\frac{38122.55}{37000}\))
}{4\cdot\ln\(1\,+\,\frac{0.03}{4}\)})
You can do your own arithmetic.
John
My calculator said it, I believe it, that settles it
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