A student has found a great investment deal. She has found a way to receive an annual interest rate of 12%, compounded quarterly. If she has $600 to invest now and wants to end up with $1000 from this investment, how long will it take for her investment to reach that goal? Submit you answer in years and round your answer to the one decimal place. For example: 8.2 For your information: log 5 log 3 log 1.03 log 5 log 3 4 log 1.03 17.3 4.3 %3D log 5 + log 3 4 log 1.03 log 5 + log 3 10g 1.03 22.9 91.7
A student has found a great investment deal. She has found a way to receive an annual interest rate of 12%, compounded quarterly. If she has $600 to invest now and wants to end up with $1000 from this investment, how long will it take for her investment to reach that goal? Submit you answer in years and round your answer to the one decimal place. For example: 8.2 For your information: log 5 log 3 log 1.03 log 5 log 3 4 log 1.03 17.3 4.3 %3D log 5 + log 3 4 log 1.03 log 5 + log 3 10g 1.03 22.9 91.7
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...
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Question
Transcribed Image Text:A student has found a great investment deal. She has found a way to receive an
annual interest rate of 12%, compounded quarterly. If she has $600 to invest now
and wants to end up with $1000 from this investment, how long will it take for her
investment to reach that goal?
Submit you answer in years and round your answer to the one decimal place.
For example: 8.2
For your information:
log 5 - log 3
log 1.03
log 5 log 3
4 log 1.03
17.3
4.3
log 5 + log 3
log 5 + log 3
10g 1.03
22.9
91.7
%3D
4 log 1.03
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