Answer:
t = 11 years
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 9/100
r = 0.09 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(14,382.05/5,403.00) / ( 4 × [ln(1 + 0.09/4)] )
t = ln(14,382.05/5,403.00) / ( 4 × [ln(1 + 0.0225)] )
t = 11 years
Summary:
The time required to get a total amount of $14,382.05 with compoundeded interest on a principal of $5,403.00 at an interest rate of 9% per year and compounded 4 times per year is 11 years.
