You deposit $2000 into an account that pays 2% annual interest compounded quarterly. How long will it take for the balance to reach $2,500?
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2500=2000(1+.02/4)^(4t)
t=11.185 years=(11 years 2 months 6 days 14 hours and 24 minutes)
t=11.185 years=(11 years 2 months 6 days 14 hours and 24 minutes)