SOLUTION: H ow long will it take for $ 8400 to grow to $ 46,400 at an interest rate of
10% if the interest is compounded quarterly? Round the number of years
to the nearest hundredth.
Algebra.Com
Question 249657: H ow long will it take for $ 8400 to grow to $ 46,400 at an interest rate of
10% if the interest is compounded quarterly? Round the number of years
to the nearest hundredth.
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
46400 = 8400 (1 + .025)^(4n)
46400 / 8400 = (1 + .025)^(4n)
log(46400 / 8400) = 4n log(1.025)
[log(46400 / 8400)] / [4 log(1.025)] = n
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