Given:
Present value = 150,000
Future value=223000
rate = 4.90% compunded quarterly.
To find the number of periods,
[tex]\begin{gathered} FV=PV(1+r)^n \\ 223000=150000(1+\frac{0.049}{4})^n \\ 223000=150000(1.01225)^n \\ (1.01225)^n=\frac{223}{150} \\ n=\frac{\ln (\frac{223}{150})}{\ln (1.01225)} \\ n=32.6 \end{gathered}[/tex]Answer: 32.6 years that means 32 years and 6 months.
