Question

We deposit $6500 into an account earning 2 % interest compounded semiannually. How many years will it take for the account to grow to $16250? Round to 2 decimal places. years TIP Enter your answer as

Answer 1

Answer: It would like 37.5 years

Explanation:

6500 x 2% = 130

130 x 2 = 260

16250 - 6500 = 9750

260 x 37.5 = 9750