Thursday

January 29, 2015

January 29, 2015

Posted by **kyle** on Saturday, July 16, 2011 at 12:07am.

grown to $11,000? Round your answer to the nearest tenth of a year.

- algebra 2 -
**Max**, Saturday, July 16, 2011 at 12:15amA = 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

**Answer this Question**

**Related Questions**

algebra II - $9000 is invested at 8% compounded quarterly. In how many years ...

consumer math - Jim opened an account with $400. The account pays three percent...

algebra 2 - $11,700 is invested in a compound interest account paying 3.9% ...

algebra - $11,700 is invested in a compound interest account paying 3.9% ...

math - compounded- what would be the amount of compound interest on $12,000 ...

FINANCE - You deposit $2,000 in an account that pays 8% interest compounded ...

Math help - You plan to make 24 equal quarterly payments (payments are at the ...

ALGEBRA - Find the ending balance in an account that opens with $5,000, earns 7....

ALGEBRA - Find the ending balance in an account that opens with $5,000, earns 7....

ALGEBRA - Find the ending balance in an account that opens with $5,000, earns 7....