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March 25, 2017

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$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.

  • algebra 2 - ,

    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

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