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How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500

How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500
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How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500

User Abdulla Nilam
by
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1 Answer

6 votes
T=(log(11,500÷5,000)÷log(1+0.08÷4))/4
T=10.52 years
User Michael Dorfman
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7.8k points
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