How much time will be needed for 37000 to grow to 4168023 if

How much time will be needed for $37,000 to grow to $41,680.23 if deposited at 6% compounded quarterly?

Solution

Dear Student Thank you for using Chegg !! Given Principle (P) = 37000 $ Time (T) = ? years Interest Rate (\'r) = 6 % Compounded quaterly means n = 4 Formulae used Amount = P (1 + r/100n)^nT (Where T is no of years) 41680.23 = 37000(1+6/(100*4))^T*4 1.126492703 = (1+6/(100*4))^T*4 1.015 1.126492703 = (1.015)^4T Taking natural log both sides 8.000006923 = 4T T = 2 years Solution