Math Problem Statement
Problem Page
Question
Suppose that
$3000
is placed in a savings account at an annual rate of
4%
, compounded quarterly. Assuming that no withdrawals are made, how long will it take for the account to grow to
$4335
?
Do not round any intermediate computations, and round your answer to the nearest hundredth.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Logarithms
Formulas
A = P(1 + r/n)^(nt)
Natural logarithm (ln)
Theorems
Properties of logarithms
Exponential Growth Formula
Suitable Grade Level
Grades 11-12
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