Question 1119587
How long will it take a $1,700.00 investment to earn $350.00 in interest if it is invested at 10% compounded quarterly.
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FV = PV*(1.025)^t
2050 = 1700*(1.025)^t
1.025^t = 2050/1700
t*ln(1.025) = ln(205/170)
t = ln(41/34)/ln(1.025)
t = ~ 7.58 quarters
t = ~ 1 year, 9 months
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Since banks don't round up --> 2 years