document.write( "Question 1100973: Find the number of years it will take for $28,000 to grow to $29,718 at 6% interest compounded quarterly \n" ); document.write( "

Algebra.Com's Answer #715553 by josgarithmetic(39620) $\"\"$ $\"About$

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Let n be number of compounding periods ( one fourth of a year each ).\r
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\n" ); document.write( "\n" ); document.write( " $\"28000%2A%281.015%29%5En=29718\"$ \r
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\n" ); document.write( "\n" ); document.write( "-\r
\n" ); document.write( "\n" ); document.write( " $\"log%28%2828000%29%29%2Bn%2Alog%28%281.015%29%29=log%28%2829718%29%29\"$ \r
\n" ); document.write( "\n" ); document.write( " $\"n%2Alog%28%281.015%29%29=log%28%2829718%29%29-log%28%2828000%29%29\"$ \r
\n" ); document.write( "\n" ); document.write( " $\"n%2A%280.006466%29=4.4730196-4.447158\"$ \r
\n" ); document.write( "\n" ); document.write( " $\"n=%280.0258616%29%2F%280.006466%29\"$ \r
\n" ); document.write( "\n" ); document.write( " $\"n=3.9996\"$ \r
\n" ); document.write( "\n" ); document.write( " $\"close\"$ $\"enough\"$ $\"to\"$ $\"n=4\"$ ----------four periods, same as 1 year \n" ); document.write( "

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