Use one of the following equations A Pert or A P1 rnrt to

Use one of the following equations A = Pe^rt or A = P(1 + r/n)^rt to determine the time needed to create a balance of $6000 from an initial investment of $1500 that was compounded quarterly at an interest rate of 2%.

Solution

6000 = 1500(1 + 0.02/4)^4t

4 = (1.005)^4t

t = 69.4878 years