SOLUTION: jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up
Algebra ->
Logarithm Solvers, Trainers and Word Problems
-> SOLUTION: jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up
Log On
Question 1040069: jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up to the nearest multiple of 3
You can put this solution on YOUR website! jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up to the nearest multiple of 3
---------------
A(t) = P(1+(r/n))^(n*t)
----
25000 = 18000(1+(0.0727/4))^(4*t)
-------
(1.0182)^(4t) = 25/18
-----
4t = log(25/18)/log(1.0182) = 18.21
Ans:: time = 18.21/4 = 4.55 years = 4 yrs 6.6 mts OR 4 years 7 months
---------------
Cheers,
Stan H.
------------------
(