SOLUTION: When interest is compounded quarterly (4 times a year) at an annual rate of 6%, the rate of interest for each quarter is {{{ 0.06/4 }}} , and the number of times that interest is a
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-> SOLUTION: When interest is compounded quarterly (4 times a year) at an annual rate of 6%, the rate of interest for each quarter is {{{ 0.06/4 }}} , and the number of times that interest is a
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Question 946945: When interest is compounded quarterly (4 times a year) at an annual rate of 6%, the rate of interest for each quarter is , and the number of times that interest is added in t years is
4t. After how many years will an investment of $100 compounded quarterly at 6% annually be worth at least $450? (Use the formula ). Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! (a) times in years
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(b)
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25.2396 years
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check:
error due to rounding off, I think
