Question

Crystal deposits $850 into an account that earns interest at 6% p.a compounded quarterly. How long will it take for her investment to grow to $1000? Show how you determined your answer.

Answer 1

\[850(1+\frac{.06}{4})^{4t}=1000\] solve for \(t\)

Answer 2

get
\[850(1.015)^{4t}=1000\] divide by \(850\) get
\[(1.015)^{4t}=\frac{20}{17}\] then use the change of base formula to find \(4t\)