A person invests 9000 dollars in a bank. The bank pays 4.75% interest compounded quarterly. To the nearest tenth of a year, how long must th

Question

A person invests 9000 dollars in a bank. The bank pays 4.75% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12600 dollars?

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Linh Đan 3 years 2021-08-28T06:52:58+00:00 2 Answers 1 views 0

Answers ( )

  1. ThanhThu
    0
    2021-08-28T06:54:07+00:00
    Reply

    7.1 years

    Step-by-step explanation:

    Principle P = 9000 dollars

    Rate r = 4.75% = 0.0475

    Total Amount A = 12600 dollars

    compounded quarterly n = 4

    Time t = ?

    t = ln(A/P) / n[ln(1 + r/n)]

    t = ln(12,600/9,000) / ( 4 × [ln(1 + 0.011875/4)] )

    t = 7.1 years

    so the answer is 7.1 years

  2. hongcuc2
    0
    2021-08-28T06:54:42+00:00
    Reply

    the answer is 7.1 because the answer is 7.1

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