document.write( "Question 1139014: If you deposit eight thousand pesos into an account paying seven percent annual interest compounded quarterly, how long until there is twelve thousand four hundred pesos in the account? \n" ); document.write( "

Algebra.Com's Answer #756810 by ikleyn(52796) $\"\"$ $\"About$

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document.write( "Let \"n\" be the number of quarter periods.\r\n" );
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document.write( "12400 = ,\r\n" );
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document.write( " = \r\n" );
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document.write( "1.55 = \r\n" );
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document.write( "log(1.55) = n*log(1+0.07/4)\r\n" );
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document.write( "n =  = 25.26 quarter periods.\r\n" );
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document.write( "ANSWER.  6 years and half of on year is enough.\r\n" );
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document.write( "CHECK.   = 12.559.86 dollars.\r\n" );
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