Ina is depositing money into a savings account that pays 1.4% interest compounded quarterly. She wants to determine how long it will take for $2,000 to grow to $2,400.

Use the steps below to find the value of t to the nearest year.
a. Substitute the values in the compound interest formula.
b. Simplify the value inside of the parentheses.
c. Divide both sides by the value of P. You should now have an exponential equation in standard form.
d. Rewrite the exponential equation in an equivalent logarithmic form.
e. Apply the change-of-base formula to change the logarithm into a quotient of two common logs.
f. Find the value of the quotient to the nearest thousandth.
g. Divide both sides by the coefficient of t.
h. Round the value of t to the nearest year.