Precalculus

Question

how many years will it take $5000 to amount to $8000 if the money is invested in an account paying 8% compounded quarterly. Round to nearest tenth of a year. 

Answer 1

8000 = 5000(1 + 0.08/4)⁴ⁿ

8000/5000 = 1.02⁴ⁿ

log(8000/5000) = 4nlog(1.02)

n = log(8000/5000)/4log(1.02)

n = 5.9