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OpenStudy (anonymous):
Arturo invests $2700 in a savings account that pays 9% interest, compounded quarterly. If there are no more other transactions,when will his balance reach $4550?
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OpenStudy (anonymous):
Use the formula to set up the problem, then solve for the time.\[4550=2700(1+\frac{.09}{4})^{4t} \implies \frac{4550}{2700}=1.0225^{4t}\]There are a few steps after this, but you should be able to figure it out.
OpenStudy (anonymous):
Okay thank you :)
OpenStudy (anonymous):
No sweat. Do math every day.
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