nobonslob nobonslob

14-01-2021
Mathematics

contestada

(please help!)Abigail invested $2,900 in an account paying an interest rate of 2.8% 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 $4,050?

Respuesta :

amr1216 amr1216

18-01-2021

Answer:

Step-by-step explanation:

4050 = 2900 (1 + 0.028/4)^4t

4050 = 2900 (1.007)^4t

Divide all by 2900

1.3965517 = 1.007^4t

TURN LOG

log (1.3965517) = log (1.007^4t)

47.8819724 = 4t

11.9704931 = t

Round to nearest year = 12

T = 12

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