Josephina has invested USD 3,476 in an account. It is invested at a fixed interest rate of 6.51% per annum. The interest is compounded every 4 months.

Question

How long will it take to reach USD 10,388.98?

Answer 1

If A=P(1+r/n)^nt then t = ln(A/P)/(nln(1+r/n)) years

n=12/4 = 3

A=10388.98

P=3476

r=0.0651

Plug in the values the get t in years