Joseph invested $6,700 in an account paying an interest rate of 5.2% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $13,950?

it will take 14 years approximately

Step-by-step explanation:

To get this, we use the compound interest formula

We have this as:

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

where ;

A is the amount after the stipulated time = 13,950

P

is the amount deposited = 6,700

r is the rate = 5.2% = 5.2/100 = 0.052

n is the number of times interest is compounded yearly = 4 (quarterly is every 3 months)

t is what we want to calculate

13,950 = 6,700 ( 1 + 0.052/4)^4t

2.082 = 1.013^4t

ln 2.082 = 4t ln 1.013

ln 2.082/ln 1.013 = 4t

56.78 = 4t

t = 56.78/4

t = 14 years

14  

Step-by-step explanation:  

I got it right