SOLUTION: PLEASE HELP ASAP! Solve the problem and express your answer to the nearest tenth. How long will it take $750 to be worth $1000 if it is invested at 5% interest compounded quarter

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Question 457412: PLEASE HELP ASAP!
Solve the problem and express your answer to the nearest tenth.
How long will it take $750 to be worth $1000 if it is invested at 5% interest compounded quarterly?
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
How long will it take $750 to be worth $1000 if it is invested at 5% interest compounded quarterly?
.
A = P(1 + r/n)^(nt)
where
A is amount after time t (1000)
P is the principal (750)
r is the rate (.05)
n is the times compounded (4)
t is time (what we're solving for)
.
A = P(1 + r/n)^(nt)
1000+=+750%281+%2B+.05%2F4%29%5E%284t%29
1000+=+750%281.0125%29%5E%284t%29
1.3333+=+%281.0125%29%5E%284t%29
log%281.0125%2C1.3333%29+=+4t
log%281.3333%29%2Flog%281.0125%29+=+4t
log%281.3333%29%2F%284%2Alog%281.0125%29%29+=+t
5.8+=+t
.
that is,
t = 5.8 years