Question 1199357
.


The solution,  the answer and the logic in the post by @Theo all are incorrect.


To be correct,  the number n = 31.64160555 of quarters of a year  {{{highlight(highlight(must))}}}  be rounded to the closest
larger integer,  which is  32  quarters,  or  8  years.


It  {{{highlight(highlight(must))}}}  be rounded in order for the bank was in position to make the last compounding.


{{{highlight(Without)}}}  such rounding,  the  {{{highlight(teaching)}}}  in the post by @Theo is simply  {{{highlight(highlight(WRONG))}}}.


Do not repeat his error.



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To see many similar problems,  solved correctly,  look into the lesson

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

in this site, &nbsp;and learn the subject from there.



After reading this lesson, &nbsp;you will tackle such problems on your own without asking for help from outside.