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 #715557 by ikleyn(52803) $\"\"$ $\"About$

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document.write( "The formula is\r\n" );
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document.write( "FV = \r\n" );
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document.write( "where FV is the Future Value, A is the original amount ($28,000), 0.06 = 6%,  4 (four) is the number of quarters in the year \r\n" );
document.write( "and n is the number of years.\r\n" );
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document.write( "The table is\r\n" );
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document.write( "n, year     FV\r\n" );
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document.write( "0	28000.00\r\n" );
document.write( "1	29718.18\r\n" );
document.write( "2	33477.31\r\n" );
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\n" ); document.write( "\n" ); document.write( "Answer. Exactly one year.\r
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\n" ); document.write( "\n" ); document.write( "The solution, the calculations and the answer by @josgarithmetic (\"A little more than 9 years 11 months\") are W R O N G.\r
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