SOLUTION: Determine the time required for the amount in an account to reach $10000, if there's an initial deposit of $4000 earning 8% interest compounded quarterly.

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Question 89657: Determine the time required for the amount in an account to reach $10000, if there's an initial deposit of $4000 earning 8% interest compounded quarterly.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Determine the time required for the amount in an account to reach $10000, if there's an initial deposit of $4000 earning 8% interest compounded quarterly.
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10000 = 4000(1+0.08/4)^(4t)
2.5 = (1.02)^(4t)
Take the log of both sides to get:
(4t)log1.02 = log2.5
4t = [log2.5]/[log1.02] = 46.27
t = 11.57 years
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Cheers,
Stan H.