$6746 is deposited into a savings account at 5% interest, compounded quarterly. to the nearest year, how long will it take for the account balance to reach $1,000,000?

101 years

Step-by-step explanation:

From the question we are given;

We are required for the amount invested to accrue to the amount given;

We are going to use the compound interest formula;

, Where A is the amount accrued, P is the principal amount, R is the rate of interest.

R = 5 ÷ 4

  = 1.25 % ( compounded quarterly)

Therefore;

Introducing logarithms on both sides

But, 1 year = 4 quarters

Therefore;

Number of years = 402.398 ÷ 4

                             =100.6 years

                            = 101 years

Thus, it will take approximately 101 years