Baldwin deposited 200.00 into a new savings account that earns 14% interest compounded quarterly. How long will it take for the balance to grow to 728.00?Round your answer to the nearest month.

Solution

Solution

Time : 9.39

Solution steps

Translate the problem into an equation:

728 = 200 (1 + \frac{0.14}{4})^{4 t}

Solve for

t, 728 = 200 (1 + \frac{0.14}{4})^{4 t} : t = 9.39

Time : 9.39

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