How many years will it take for an investment to be worth $8679.00 in the future with a deposit today of $6,000 at a 6.20% annual rate of return with quarterly compounding. Please show ALL work with finance formulas.
Rate = 6.20% / 4 = 1.55%
Future value = Present value ( 1 + r)n
8,679 = 6,000 ( 1 + 0.0155)n*4
1.4465 = (1.0155)n*4
LN 1.4465 = n4 LN 1.0155
0.369147 = n4 * 0.015381
0.369147 = n0.061524
n = 6 years
How many years will it take for an investment to be worth $8679.00 in the future...
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