Ask Question
22 December, 17:14

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.

+3
Answers (2)
  1. 22 December, 17:17
    0
    It would take about 9 months for her income to grow to $1000
  2. 22 December, 17:19
    0
    1000=850 (1+0.06/4) ^ (4n)

    1000/850 = (1+0.06/4) ^ (4n)

    4n=log (1000/850) / log (1+0.06/4)

    N=2.8 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your 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 ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers