$1334 at 8% interest, compounded quarterly. To the nearest year, how long will it take for the account balance to reach $1,000,000?

Question

$1334 is deposited into a savings account at 8% interest, compounded quarterly. To the nearest year, how long will it take for the account balance to reach $1,000,000?

Answer 1

You will have to solve 1,000,000 = 1334(1+0.08/4)^4t for t, # of years.

 

You can do so by taking logarithms.