document.write( "Question 1119587: How long will it take a $1,700.00 investment to earn $350.00 in interest if it is invested at 10% compounded quarterly. \n" ); document.write( "

Algebra.Com's Answer #735152 by ankor@dixie-net.com(22740) $\"\"$ $\"About$

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How long will it take a $1,700.00 investment to earn $350.00 in interest if it is invested at 10% compounded quarterly.
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\n" ); document.write( "let q = no. of quarters for this to happen
\n" ); document.write( "Quarterly interest rate: 10/4 = 2.5%
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\n" ); document.write( " $\"1700%2A%281.025%5Eq%29+=+1750+%2B+350\"$
\n" ); document.write( " $\"1.025%5Eq+=+2100%2F1700\"$
\n" ); document.write( "Using natural logs
\n" ); document.write( ".0247q = .2113
\n" ); document.write( "q = $\".2113%2F.0247\"$
\n" ); document.write( "p = 8.55, it would take 9 quarters to make at least $350 interest
\n" ); document.write( "About 2 years 3 months \n" ); document.write( "

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