Question 1159801
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<pre>

The amount at this account increases in accordance with this formula


    FV = {{{5000*(1+0.06/4)^n}}},


where "n" is the number of <U>quarters</U>;  FV is the future value after n quarters.


So, you should find the unknown "n" from the equation

    14000 = {{{5000*(1+0.06/4)^n}}}.


Divide both sides by 5000

    {{{14000/5000}}} = {{{1.015^n}}}

or

    2.8    = {{{1.015^n}}}


Take logarithm base 10 of both sides

    log(2.8) = n*log(1.015)


and calculate n

    n = {{{log((2.8))/log((1.015))}}} = 69.15  quarters.


As you do understand, in this case we should round "n" to the closest LARGER integer, so we get the 


<U>ANSWER</U>.  70 quarters, or  17 years and half.
</pre>

Solved.


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To learn about compounded accounts, &nbsp;read the lessons

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compounded accounts</A> 

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