algebra II

$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.

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  1. We have to solve for n , where n is the number of quarter years

    9000(1.02)^n = 11000
    1.02^n = 1.222222...
    log both sides
    log (1.02^n) = log 1.22222..
    n log 1.02 = log 1.22222..
    n = log 1.22222/log 1.02 = 10.1335 or 10.1 years

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    posted by Reiny

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