i just placed $1500 in an account which earns 8% per year compunded quartely. how much money will be in the account in 20 years? how long will it tke for this account ot have $7000 in it?
Just plug in the formula:
A = P(1+r/n)^(nt)
= 1500(1+.08/4)^(4*20) = 7313.16