Math Problem Statement

A person invests 9500 dollars in a bank. The bank pays 4.5% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 22100 dollars?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Functions
Logarithms

Formulas

A = P (1 + r/n)^(nt)

Theorems

Compound Interest Formula
Logarithmic Transformation

Suitable Grade Level

Grades 9-12