SOLUTION: How long would it take for $1000 to grow to $4300 at 5% interest. Compounding quarterly. The answer for this 29.4 but I have a feeling that this answer is wrong. Please go step by

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Question 206817This question is from textbook Intermediate Algebra
: How long would it take for $1000 to grow to $4300 at 5% interest. Compounding quarterly. The answer for this 29.4 but I have a feeling that this answer is wrong. Please go step by step. Thank you so much. This question is from textbook Intermediate Algebra

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
How long would it take for $1000 to grow to $4300 at 5% interest. Compounding quarterly.
FV = PV*(1+r)^n n = # of quarters, r = % per quarter
4300 = 1000*(1+0.0125)^n
4.3 = 1.0125^n
log(4.3) = log(1.0125^n)
log4.3 = nlog(1.0125)
n = log(4.3)/log(1.0125)
n = 117.4 quarters
--> 29.35 years