Arturo invests $2700 in a savings account that pay 9% interest, compounded quarterly. if there are no other transactions, when will his balance reach $4550?

The correct formula for this is as follows:

where n is the number of compounding periods per year, and r is the annual interest rate as a decimal,
Plugging the given values into the formula, we get:

This equation can be simplified to:

Taking logs of both sides gives:

which can be rearranged to get:

So it will take about 5.864 years for the amount to reach $4550.

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