SOLUTION: The formula used to solve this problem is A=P(1+r/n)^nt
The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account t
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-> SOLUTION: The formula used to solve this problem is A=P(1+r/n)^nt
The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account t
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Question 588028: The formula used to solve this problem is A=P(1+r/n)^nt
The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account to earn $1000 interest? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A=P(1+r/n)^nt
The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account to earn $1000 interest?
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The value of the account will be $2000
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2000 = 1000(1+(.09/4)^(4t)
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2 = 1.0225^(4t)
4t = log2/log1.0225
4t = 31.15
t = 7.79 years
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Cheers,
Stan H.
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