SOLUTION: $16000 to grow to $16733.64 @ 3% compounded quarterly. 16733.64=16000(1+.03/4)^4t 16733.64=16000(1.0075)^4t 1.05=(1.0075)^4t log(1.05)=4tlog(1.0075) log(1.05)/4log(1.0075)

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: $16000 to grow to $16733.64 @ 3% compounded quarterly. 16733.64=16000(1+.03/4)^4t 16733.64=16000(1.0075)^4t 1.05=(1.0075)^4t log(1.05)=4tlog(1.0075) log(1.05)/4log(1.0075)       Log On


   

Question 770851: $16000 to grow to $16733.64 @ 3% compounded quarterly.
16733.64=16000(1+.03/4)^4t
16733.64=16000(1.0075)^4t
1.05=(1.0075)^4t
log(1.05)=4tlog(1.0075)
log(1.05)/4log(1.0075)
I keep getting t=1.6 however the book is saying its t=1.5?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


You divided 16733.64 by 16000 and then rounded that calculation to 1.05. Rounding in the middle of your calculation introduced your error. Redo your calculations using and you will get to the correct answer. Round off ONLY when all your calculations are complete.

John

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