document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1179838>Question 1179838</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Leah puts $3,000 into her savings account that earns 1.8% interest compounded quarterly.\r<BR>\n" );
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document.write( "a) What will the balance be after 5 years? Round to the nearest cent.\r<BR>\n" );
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document.write( "b) How many years will it take her to reach a balance of $4,000? Round to three decimal places.\r<BR>\n" );
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document.write( "Can you explain me this second homework question step-by step please? Thank you! \r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #809420 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=809420\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <BR>\n" );
document.write( "Leah puts $3,000 into her savings account that earns 1.8% interest compounded quarterly.\r<BR>\n" );
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document.write( "P=3000<BR>\n" );
document.write( "r=1.8% = 0.018<BR>\n" );
document.write( "n=4<BR>\n" );
document.write( "t=5\r<BR>\n" );
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document.write( "A = 3000(1+0.018/4) ^ 4*5\r<BR>\n" );
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document.write( "A= 3000*(1+0.0045)^20\r<BR>\n" );
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document.write( "the balance be after 5 years $3281.86\r<BR>\n" );
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document.write( "b) How many years will it take her to reach a balance of $4,000?\r<BR>\n" );
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document.write( "4000 = 3000*(1+0.0045)^4t\r<BR>\n" );
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document.write( "4/3 = 1.0045^4t\r<BR>\n" );
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document.write( "log(4/3) = 4t*log(1.0045)\r<BR>\n" );
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document.write( "(log(4/3))/(4* log (1.0045))=t\r<BR>\n" );
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document.write( "t=16.018 years </SPAN>\n" );
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