Suppose that $2000 is placed in a savings account at an annual rate of 4.6%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for the account to grow to $3000? Do not round any intermediate computations, and round your answer to the nearest hundredth. If necessary, refer to the list of financial formulas.

It will take 35.46 quarters for the account to grow to $3000.

Step-by-step explanation:

Since the annual rate is compounded quarterly, this can be calculated using the formula for calculating the future value as follows:

FV = PV * (1 + r)^n (1)

Where;

FV = future value or the amount the deposit expected to grow to = $3,000

PV = Present value or the amount place in the savings = $2,000

r = Quarterly rate = Annual rate / 4 = 4.6% / 4 = 0.046 / 4 = 0.0115

n = number of quarters it will take for the loan to grow to $3000 = ?

Substituting the values into equation (1) and solve for n, we have:

$3,000 = $2,000 * (1 + 0.0115)^n

$3,000 / $2,000 = (1.0115)^n

1.50 = (1.0115)^n

Loglinearise both sides, we have:

log(1.50) = n log(1.0115)

0.176091259055681 = n * 0.00496588710682352

n = 0.176091259055681 / 0.00496588710682352

n = 35.4601816891322

Rounding to the nearest hundredth, which also implies to rounding to 2 decimal places, we have:

n = 35.46

Since the the annual rate is compounded quarterly, it will therefore take 35.46 quarters for the account to grow to $3000.

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