document.write( "Question 370196: How many quarters does it take for a deposit of $500 to grow to $600 at 2% annual percentage rate compounded quarterly? Round to the nearest quarter (quarter=3 months) \n" ); document.write( "

Algebra.Com's Answer #263842 by Fombitz(32388) $\"\"$ $\"About$

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$\"F=P%281%2Br%29%5Et\"$
\n" ); document.write( " $\"r=0.02%2F4=0.005\"$
\n" ); document.write( " $\"600=500%281%2B0.005%29%5Et\"$
\n" ); document.write( " $\"%281.005%29%5Et=6%2F5\"$
\n" ); document.write( " $\"highlight%28t=log%281.005%2C%286%2F5%29%29%29\"$
\n" ); document.write( " $\"t=log%2810%2C%286%2F5%29%29%2Flog%2810%2C%281.005%29%29\"$
\n" ); document.write( "or approximately,
\n" ); document.write( " $\"t=36.554\"$
\n" ); document.write( "Rounding up that would be $\"37\"$ quarters.
\n" ); document.write( " \n" ); document.write( "

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