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Justin invested 7,300 in an account paying an interest rate of 1.5% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 8,560?

Solution

Justin invested 7, 300 in an account paying an interest rate of 1.5% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 8, 560?

Solution

Time : 10.63

Solution steps

Translate the problem into an equation:

8560 = 7300 (1 + \frac{0.015}{4})^{4 t}

Solve for

t, 8560 = 7300 (1 + \frac{0.015}{4})^{4 t} : t = 10.63

Time : 10.63

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