algebra 2

posted by .

$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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Algebra

    How long will it take $7,000 invested at 5.5% compounded daily to grow to $14,000?
  2. algebra

    $11,700 is invested in a compound interest account paying 3.9% compounded quarterly. How much will be in the account after 18 years?
  3. algebra II

    $9000 is invested at 8% compounded quarterly. In how many years will the account have 20) grown to $11,000?
  4. FINANCE

    You deposit $2,000 in an account that pays 8% interest compounded semiannually. After 4 years, the interest rate is increased to 8.28% compounded quarterly. What will be the value of the account after 4 more years?
  5. algebra 2

    $11,700 is invested in a compound interest account paying 3.9% compounded quarterly. How much will be in the account after 18 years?
  6. consumer math

    Jim opened an account with $400. The account pays three percent quarterly. How much is in the account at the end of two years?
  7. math

    compounded- what would be the amount of compound interest on $12,000 invested for one year at 6%, compounded quarterly?
  8. Math

    You plan to make 24 equal quarterly payments (payments are at the end of each period) into an account to pays 8% (per year compounded quarterly). If you need $5,000 at the end of 10 years (i.e. 4 years after the last payment is made …
  9. Math help

    You plan to make 24 equal quarterly payments (payments are at the end of each period) into an account to pays 8% (per year compounded quarterly). If you need $5,000 at the end of 10 years (i.e. 4 years after the last payment is made …
  10. Algebra ASAP

    Suppose that $17,000 is invested in a savings account paying 5.1% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly. A(t) = (b) Find the amount in the account after …

More Similar Questions