Homework Help: algebra 2

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

$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 - Max, Saturday, July 16, 2011 at 12:15am
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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