A person invests 9000 dollars in a bank. The bank pays 4.75% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12600 dollars?

7.1 years

Step-by-step explanation:

Principle P = 9000 dollars

Rate r = 4.75% = 0.0475

Total Amount A = 12600 dollars

compounded quarterly n = 4

Time t = ?

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(12,600/9,000) / ( 4 × [ln(1 + 0.011875/4)] )

t = 7.1 years

so the answer is 7.1 years

from the figure we get,

the x axis shows   the months and,

the y-axis shows the number of satisfied customer.

each line or each cell in upward direction (y-axis) shows 500.

the appropriate scale for the y - axis is: -

a = 2000 customers

b = 4000 customers

c = 6000 customers

d = 8000 customers

e = 10000 customers

f = 12000 customers

g = 14000 customers