SOLUTION: how long does a 4000 investment to grow to 6000 at an annual rate 11%, compounded quartely. Assume no withdrawals are made. Do not round any intermediate computations, and round y

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Question 981072: how long does a 4000 investment to grow to 6000 at an annual rate 11%, compounded quartely. Assume no withdrawals are made.
Do not round any intermediate computations, and round your answer to the nearest hundredth?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
how long does a 4000 investment to grow to 6000 at an annual rate 11%, compounded quartely. Assume no withdrawals are made.
Do not round any intermediate computations, and round your answer to the nearest hundredth?
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A(t) = P(1+(r/n))^(nt)
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6000 = 4000(1+(0.11/4))^(4t)
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(1.0275)^(4t) = 1.5
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(4t) = log(1.5)/log(1.0275)
4t = 14.95
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t = 3.74 years
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Cheers,
Stan H.
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