SOLUTION: How long does it take an $1100 investment to earn $200 interest if it is invested at 7% interest compounded quarterly?

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Question 534914: How long does it take an $1100 investment to earn $200 interest if it is invested at 7% interest compounded quarterly?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 1100
Interest = 200
Amount= 1300
years=n
compounded (t) 4 times a year
Rate = 7 0.02
Amount = P*((n+r)/n)^n

1300 = 1100 *( 1 + 0.02 )^ n*t
1.18 = *( 1 + 0.02 )^ n* 4
ln 1.18 = 4 n *ln 1.02
0.17 = 4 0.02 *n
2.41 = n
2.41 years
m.ananth@hotmail.ca