If you deposit $7,000 into an account paying 7% annual interest compou

1.	If you deposit $7,000 into an account paying 7% annual interest compounded quarterly, how long until there is $12,400 in the account?
Answer» Answer: CALCULATE: Time (t) Where: t = log(A/P) / N[log(1 + R/n)] TOTAL P+I (A): = $ 12,400.00 Principal (P): = $ 7,000.00 Rate (R): % = 7 Compound (n): Compounding Quarterly (4/Yr) Answer: t = 8.24 years

If you deposit $7,000 into an account paying 7% annual interest compounded quarterly, how long until there is $12,400 in the account?

Answer»

Answer:

CALCULATE:

Time (t)

Where: t = log(A/P) / N[log(1 + R/n)]

TOTAL P+I (A): = $ 12,400.00

Principal (P): = $ 7,000.00

Rate (R): % = 7

Compound (n): Compounding Quarterly (4/Yr)

Answer:

t = 8.24 years

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If you deposit $7,000 into an account paying 7% annual interest compounded quarterly, how long until there is $12,400 in the account?

Where: t = log(A/P) / N[log(1 + R/n)]

t = 8.24 years

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