A person invests 6500 dollars in a bank. The bank pays 7% interest compounded

quarterly. To the nearest tenth of a year, how long must the person leave the money

in the bank until it reaches 20100 dollars?

A = P (1 + - ]nt

t=16.2 years

Step-by-step explanation:

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

A=$20100

P=$6500

r=7%=0.07

n=4

t=?

t=ln (A/P) / n {ln (1+r/n) }

=ln (20100/6500) / 4{ln (1+0.07/4) }

=ln (3.0923) / 4{ln (1+0.0175) }

=ln (3.0923) / 4{ln (1.0175) }

=1.1289/4 (0.0174)

=1.1289/0.0696

=16.23

To the nearest tenth

t=16.2 years