<PRE><B>Question 76388</B>
you deposit $2000 in an account that pays 2% annual interest compounded quarterly. How long will it take for the balance to reach $2400? 
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Formula: A = P(1 + r/n)^(nt)
2400 = 2000(1 + 0.02/4)^(4t)
1.2 = 1.005^(4t)
Take the log of both sides to get:
log(1.2) = 4tlog(1.005)
4t = log(1.2)/log(1.005)
4t=36.56
t=9.14 years.
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Cheers,
Stan H.</PRE>