Question

Is this correct?

An investment of $1000.00 is made at 6% compounded quarterly. How long will it take for the account to grow to $1,130.00?

1,130=1000(1+(.06/4))^4t

1,130/1000 = (1+(.06/4))^4t

1.13 = 1.015^4t
ln(1.13) = 4t ln(1.015)
ln(1.13)/ln(1.015) = 4t
8.208799361 = 4t
8.208799361/4 = t
2.05219984=t

Answer 1

you are correct