<PRE><B>Question 1058562</B>
The formula for compound interest is:


FV = PV(1 + r/n)^(nt)


where FV is the future value, PV is the present value, r is the annual interest
rate, n is the number of periods per year, and t is the number of years.


For this problem, FV = 2300, PV = 1300, r = 0.064, and n = 4.


Substituting those values into the equation gives:


2300 = 1300(1 + 0.064/4)^(4t)


2300 = 1300(1.016)^(4t)


(1.016)^(4t) = 2300/1300


Taking the natural logarithm of both sides then gives:


4t * ln(1.016) = ln(2300/1300)


t = ln(2300/1300) / 4*ln(1.016)


t = 8.99 years


Check:


1300(1.016)^(4*8.99) = 1300(1.7697) = 2300.60</PRE>