algebra 2
posted by kyle on .
$9000 is invested at 8% compounded quarterly. In how many years will the account have 20)
grown to $11,000? Round your answer to the nearest tenth of a year.

A = P(1 + r/n)^(nt)
11,000 = 9000(1 + 0.08/4)^(4t)
11,000 = 9000(1.02)^(4t)
11/9 = (1.02)^(4t)
Time to use logarithms.
log_1.02(11/9) = 4t
t = 2.5 years