SOLUTION: Find the length of time required for an investment of $1500 to amount to $2000 at rate of 8% per year compounded quarterly. Use the equation below your answer
A=P(1+i)^n where p
Question 1137954: Find the length of time required for an investment of $1500 to amount to $2000 at rate of 8% per year compounded quarterly. Use the equation below your answer
A=P(1+i)^n where p is the principal, n is the number of conversion periods
At the rate of interest per conversion period, and is the number of conversion periods
2000 = where t is the time in years ====>
= ====>
= = ====>
4t*log(0.02) = = 0.124939
t = = 3.63 years.
ANSWER. Counting in quarters, 3 years and 9 months is enough.