Olivia deposited $2,136.70 into a saving account with an interest rate of 2.7% compounded quarterly. About how long will it take for the account to be worth $4,000?

23.26 years

Step-by-step explanation:

Use the compound interest formula:

A = P

A=  final amount

P=  initial principal balance

r=  interest rate

n=  number of times interest applied per time period

t=  number of time periods elapsed

P = $2,136.70

r = 2.7

n = 4

A = $4,000

Now we plug everything in and solve for t.

$4,000 = $2,136.70

$4,000 = $2,136.70

$4,000 = $2,136.70 Divide each side by $2,136.70

$4,000/$2,136.70 =

1.87 =

log (1.87) = log

log 1.87 = (4t) (log 1.00675)  Divide each side by (log 1.00675)

= 4t

93.044 = 4t Divide each side by 4.

93.044/4 = t

23.26 = t

23.26 years

they are simplified

step-by-step explanation:

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