SOLUTION: How many quarters does it take for a deposit of $500 to grow to $600 at 2% annual percentage rate compounded quarterly? Round to the nearest quarter (quarter=3 months)

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Question 370196: How many quarters does it take for a deposit of $500 to grow to $600 at 2% annual percentage rate compounded quarterly? Round to the nearest quarter (quarter=3 months)
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Br%29%5Et
r=0.02%2F4=0.005
600=500%281%2B0.005%29%5Et
%281.005%29%5Et=6%2F5
highlight%28t=log%281.005%2C%286%2F5%29%29%29
t=log%2810%2C%286%2F5%29%29%2Flog%2810%2C%281.005%29%29
or approximately,
t=36.554
Rounding up that would be 37 quarters.