Answer:
84 years
Step-by-step explanation:
The future value of an investment is given by ...
FV = P(1 +r/n)^(nt)
where P is the principal amount, r is the annual rate, and n is the number of times per year interest is compounded. Filling in the given values and solving for t, we get ...
1000000 = 1334(1 +.08/4)^(4t)
749.6252 ≈ 1.02^(4t) . . . . divide by 1334 and simplify
log(749.6252) ≈ 4t·log(1.02) . . . . take logarithms
t ≈ log(749.6252)/(4·log(1.02)) ≈ 83.57
It will take about 84 years for the account balance to reach $1,000,000.
