Suppose $1,000 was deposited into an account compounded quarterly that grew to $1,490 at rate of 6%. How long did it take for this to occur?

A (1 + i)^n = 1490    time for amount to reach 1490

(1 + i)^n = 1.49    since A = $1000

n log (1 + .06/4) = log 1.49       take log of both sides at 1.5% per quarter

n = log (1.49) / log 1.015  = 26.78 periods or 6.695 years

(compare to 6.843 years compounded annually)

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