Solution 1 of 2
You were asked to use your knowledge of exponential and logarithmic functions to answer the following
question.
F
Douglas is saving up money for a down payment on a condominium. He currently has $3156, but knows
he can get a loan at a lower interest rate if he can put down $3931. If he invests the $3156 in an account
that earns 5% annually, compounded quarterly, how long will it take Douglas to accumulate the $3931?
Round your answer to two decimal places, if necessary.