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Find the time t, in years, for the principal P= $720 to reach the future value F = $735 under r = 1.74% interest compounded quarterly. Round your final answer to two decimal places.
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Nov 25, 2021
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Find the time t, in years, for the principal P= $720 to reach the future value F = $735 under r = 1.74% interest compounded quarterly. Round your final answer to two decimal places.
Mathematics
college
Eduardo Carminati
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Eduardo Carminati
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Answer:
1.19 years
Explanation:
Given
P = $720
F = $735
r = 1.74%
Compound n = 4t
Time = t = ?
Solution
735= 720*(1 + 0.0174/4)^n
1.00435^n = 735/720
1.00435^n = 1.02083333333
log 1.00435^n = log 1.02083333333
n= log 1.02083333333 / log 1.00435
n = 4.75
t = 4.75/4
t = 1.1875 = 1.19 rounded to 2 decimal places
Youen
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Dec 1, 2021
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Youen
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