SOLUTION: The number of years for $1800 to grow to $9400 at 8% quarterly? A=P(1+r/m)^tm 9400 = 1800 (1 + 0.08/4)^4t 5.22 = (1 = 0.08/4) ^4t I don't know how get the value of t from the e

Question 35848: The number of years for $1800 to grow to $9400 at 8% quarterly?
A=P(1+r/m)^tm
9400 = 1800 (1 + 0.08/4)^4t
5.22 = (1 = 0.08/4) ^4t
I don't know how get the value of t from the equation
Could you please help me.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The number of years for $1800 to grow to $9400 at 8% quarterly?
A=P(1+r/m)^tm
9400 = 1800 (1 + 0.08/4)^4t
5.22 = (1 + 0.08/4) ^4t
5.22=(1.02)^(4t)
Take the log of both sides to get:
log5.22 =(4t)(log1.02]
4t=[log5.22]/[log1.02]
4t=83.4483983...
t=20.86 yrs.
Cheers,
Stan H.

RELATED QUESTIONS
Solve the problem. The number of bacteria growing in an incubation culture increases... (answered by KMST)

Darrin deposited $1800 into an account that compounds quarterly at 5%. Which formula... (answered by jim_thompson5910)

Please help, Find the present value. Payments of $82 made quarterly for 20 years at 8%... (answered by lynnlo)

What rate of interest to the nearest tenth of a percent compounded quarterly is needed... (answered by josmiceli)

How many years will it take for $1200 to amount to $2300 if invested at 7 percent... (answered by Boreal,ikleyn)

I have tried this equation numerous times.. but I can't seem to get the time. Here is... (answered by Alan3354)

When interest is compounded quarterly (4 times a year) at an annual rate of 6%, the rate... (answered by josmiceli)

find the amount owed at the end of 7 years if 2700 is loaned at a rate 8% compounded... (answered by richwmiller,Alan3354)

Recall that a formula bank account earning compound interest is A=P(1+r/m)^mt - given (answered by solver91311)