How long will it take $18,000.00 to grow to $21,000.00 if it is invested at 9%. Compounded quaterly??

Question

hartnn · Answer

$\large A =P (1+r/4)^{4n}$

hartnn · Answer

A = amount after 'n' years
P = principal (initial) amount
n = number of years
r = rate of interest

hartnn · Answer

can you find these values from the question?

hartnn · Answer

4n because quaterly compounded means interest is calculated 4 times a year

anonymous · Answer

ek minute. umm i can find the values of r, p & n

hartnn · Answer

you mean r,P, A 
ecause they are given in question
you'll need to calculate n then

anonymous · Answer

what is nt

hartnn · Answer

in your formula
n = number of times interest is calculated per year
here, quaterly means n= 4 
t is the time after which we get the final amount
which needs to be calculated here

hartnn · Answer

i have just taken 'n' instead of 't' for number of years

hartnn · Answer

your formula
a=p(1+r/n)^nt

a =21000
p= 18000
r =9% = 0.09
n =4
find t

anonymous · Answer

ok i got it! thank youuu

hartnn · Answer

welcomeeee ^_^

anonymous · Answer

what did you get as t?

hartnn · Answer

1.731
lol, weird answer :P

anonymous · Answer

thats what i got too!!!! lol