document.write( "Question 271012: My homework problem states \"You deposit $2000 into an account that pays for 2% annual interest compounded quarterly. How long will it take for the balance to reach $2500.\" \r
\n" ); document.write( "\n" ); document.write( "using the formula, A = P (1 + r/n)^nt.
\n" ); document.write( "I get that I'm solving for t and so far I have 2500 = 2000(1.05)^4t but from then on I'm stuck. \r
\n" ); document.write( "\n" ); document.write( "My question is how would I solve this? (You dont have to solve the problem for me, an example would be fine.) Thanks in advance! \n" ); document.write( "
Algebra.Com's Answer #198413 by stanbon(75887)\"\" \"About 
You can put this solution on YOUR website!
My homework problem states \"You deposit $2000 into an account that pays for 2% annual interest compounded quarterly. How long will it take for the balance to reach $2500.\"
\n" ); document.write( "using the formula, A = P (1 + r/n)^nt.
\n" ); document.write( "2500 = 2000(1 + (0.02/4))^(4t)
\n" ); document.write( "Divide both sides by 2000 to tget:
\n" ); document.write( "1.25 = 1.005^4t
\n" ); document.write( "Take the log of both sides and solve for \"t\":
\n" ); document.write( "(4t)log(1.005) = log(1.25)
\n" ); document.write( "4t = log(1.25)/log(1.005)
\n" ); document.write( "4t = 44.74
\n" ); document.write( "t = 11.0673
\n" ); document.write( "Rounding up: t= 12 years
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.\r
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