document.write( "Question 1173000: If P48,000 is invested at the rate of 2.5% compounded quarterly, when will the compound amount be P70,000? \n" ); document.write( "

Algebra.Com's Answer #798157 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "Under the given condition, the formula for the future value is\r\n" );
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document.write( "    F = ,\r\n" );
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document.write( "where n is the number of the quarter periods.\r\n" );
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document.write( "So, to answer the question, you need solve this equation\r\n" );
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document.write( "    70000 = .\r\n" );
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document.write( "Divide both sides by 48000. you will get \r\n" );
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document.write( "     =  = 1.458333.\r\n" );
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document.write( "Take log base 10 of both sides\r\n" );
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document.write( "    n*log(1.00625) = log(1.458333)\r\n" );
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document.write( "    n =  = use your calculator = 60.555.\r\n" );
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document.write( "So, it requires 60.555 quarters, and to be accurate, you need round it to the closest GREATER integer number\r\n" );
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document.write( "in order for the bank was in position to make the last compounding.\r\n" );
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document.write( "So, the answer is 61 quarters, or 15 years and 3 months.\r\n" );
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document.write( "CHECK.     = 70,194.12 dollars.   ! Correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar solved problems, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Problems on discretely compound accounts \r
\n" ); document.write( "\n" ); document.write( "in this site, and learn the subject from there.\r
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\n" ); document.write( "\n" ); document.write( "After reading this lesson, you will tackle such problems on your own without asking for help from outside.\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Logarithms\".\r
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\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
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\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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\n" ); document.write( "\n" ); document.write( "Happy learning (!)\r
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