SOLUTION: Find the number of years it will take for $17,000 to grow to $18,221.60 at 7% interest compounded quarterly.

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Question 1103291: Find the number of years it will take for $17,000 to grow to $18,221.60 at 7% interest compounded
quarterly.

Answer by Edwin McCravy(20065)   (Show Source): You can put this solution on YOUR website!


We solve for t before substituting, because it's
easier than substituting first:







Divide both sides by 



A = final amount = $18221.60
P = beginning amount =$17000
n = number of compoundings per year = 4 (since it's quarterly)
r = 7% as a decimal, 0.07
t = number of years = ???

Plug in:





Rounds to 1 year.

Edwin

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