SOLUTION: H ow long will it take for $ 8400 to grow to $ 46,400 at an interest rate of 10% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

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Question 249657: H ow long will it take for $ 8400 to grow to $ 46,400 at an interest rate of
10% if the interest is compounded quarterly? Round the number of years
to the nearest hundredth.

Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
46400 = 8400 (1 + .025)^(4n)

46400 / 8400 = (1 + .025)^(4n)

log(46400 / 8400) = 4n log(1.025)

[log(46400 / 8400)] / [4 log(1.025)] = n