BeccaCarter BeccaCarter

03-02-2017
Mathematics

contestada

Crystal deposits $850 into an account that earns interest at 6% p.a compounded quarterly. How long will it take for her investment to grow to $1000? Show how you determined your answer.

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Drake123 Drake123

03-02-2017

It would take about 9 months for her income to grow to $1000

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Aliwohaish12 Aliwohaish12

03-02-2017

1000=850(1+0.06/4)^(4n)
1000/850=(1+0.06/4)^(4n)
4n=log(1000/850)/log(1+0.06/4)
N=2.8 years

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