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Samuel invested 8,400 in an account paying an interest rate of 6.4% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 21,090?

Solution

Samuel invested 8, 400 in an account paying an interest rate of 6.4% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 21, 090?

Solution

Time : 14.5

Solution steps

Translate the problem into an equation:

21090 = 8400 (1 + \frac{0.064}{4})^{4 t}

Solve for

t, 21090 = 8400 (1 + \frac{0.064}{4})^{4 t} : t = 14.5

Time : 14.5

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