Answer:
it will take 14 years approximately
Explanation:
To get this, we use the compound interest formula
We have this as:
A = P ( 1 + r/n)^nt
where ;
A is the amount after the stipulated time = 13,950
P
is the amount deposited = 6,700
r is the rate = 5.2% = 5.2/100 = 0.052
n is the number of times interest is compounded yearly = 4 (quarterly is every 3 months)
t is what we want to calculate
13,950 = 6,700 ( 1 + 0.052/4)^4t
2.082 = 1.013^4t
ln 2.082 = 4t ln 1.013
ln 2.082/ln 1.013 = 4t
56.78 = 4t
t = 56.78/4
t = 14 years