Math Problem Statement

If Sittipon deposits $2600 today, there will be $4723.41 in his account after Answer years? Suppose the interest rate is 4% compounded quarterly.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Logarithms
Algebra

Formulas

A = P (1 + r/n)^(nt)
logarithmic identity: ln(a^b) = b * ln(a)

Theorems

Compound Interest Formula
Logarithmic Properties

Suitable Grade Level

Grades 10-12