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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.
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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.

User Javier Heisecke
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2 Answers

5 votes
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
User Bzimor
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7.4k points
3 votes
It would take about 9 months for her income to grow to $1000

User Ahmad Muzakki
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7.4k points
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