SOLUTION: If you deposit eight thousand pesos into an account paying seven percent annual interest compounded quarterly, how long until there is twelve thousand four hundred pesos in the

Question 1139014: If you deposit eight thousand pesos into an account paying seven percent annual interest compounded quarterly, how long until there is twelve thousand four hundred pesos in the account?
Answer by ikleyn(52797) (Show Source): You can put this solution on YOUR website!
.

Let "n" be the number of quarter periods.


12400 = ,


 = 


1.55 = 


log(1.55) = n*log(1+0.07/4)


n =  = 25.26 quarter periods.


ANSWER.  6 years and half of on year is enough.


CHECK.   = 12.559.86 dollars.

Solved.

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