<PRE><B>Question 171285</B>
If $1500 is deposited in a savings account paying 5% compounded quarterly, how long will take the account to increase to $2000?


Use the following formula:

Compound Quarterly = P (1 + r/4)^4

P is the principal (the initial amount you borrow or deposit) 

r is the annual rate of interest (percentage)

n is the number of years the amount is deposited or borrowed for.

A is the amount of money accumulated after n years, including interest. 
 
Can you take it from here?




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