Aperson invest $1200 in an account that earns 2% interest compound quarterly. find when the value of the investment reaches $1500.00

formula

a=p(1+r/m)mt

After 11 years the value of the investment reaches $1500.00

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Step-by-step explanation:

The formula used for finding time (when the value reaches certain amount) is:

where A= Future VAlue

P= Principal Value

r= rate of interest (in decimal)

n= no of times investment is compounded

t= time

Putting the values given and finding Time t,

A= $1500

P= $1200

r= 2% or 0.02

n= 4 (compound quarterly)

Dividing both sides by 1200 and solving 0.02/4 = 0.005

Since t is in power we take the logarithm ln on both sides.

The rule of logarithm says that the exponent can be multiplied with the base when taking log

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