Math Finance question help

Question

How many months would it take for a $5065 debt to increase to $6127 if interest compounds every 4 months at an annual rate of 5.9%? 

Answer 1

FV=PV(1+r/n)^(nt)

 

FV = $6127

PV = 5065

r = 0.059

n = 3

 

Using the FV equation, solve for t (or use a business calculator)

 

time = (1/n)*ln(FV/PV) / ln(1 + r/n)