Jimmy invests $15,000 in an account that pays 8.90% compounded quarterly. How long (in years and months) will it take for his investment to reach $22,000?

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asked Apr 12, 2018 196k views

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Hynick · Answer 1 · 2018-04-16T06:10:20+0000

22000=15000(1+.089/4)^4t
22/15=(1.02225)^4t
log(22/15)=4tlog1.02225
(log(22/15)/4log1.02225)=t
(.16633/.038228)=t
t=4.35 years or 4 years and approximately 4 months

Jimmy invests $15,000 in an account that pays 8.90% compounded quarterly. How long (in years and months) will it take for his investment to reach $22,000?

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