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college Algebra

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Find the number of years for $4800 to grow to $9400 at 6% compounded quarterly. Round to the nearest tenth of a year.

  • basic algebra -

    9400/4800 = (1.015)^4y = 1.9583
    where y is the number of tears.

    Solve for y. I recommend using logs

    4y = log1.9583/log1.015

    y = 11.3 years

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