Shawnee is putting $3,500 into an account earning 4.85% interest compounded quarterly. She estimates that it will take just over 11 years for this investment to grow to $6,000. Which of the following is a true statement?

With quarterly compounding, the balance follows 3,500(1 + 0.0485/4)^(4t). Solving for a balance of $6,000 gives t = ln(6,000/3,500) ÷ [4 ln(1 + 0.0485/4)] ≈ 11.18 years. That is just over 11 years, so Shawnee’s estimate is correct: choice b.

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