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Find the time required for an investment of 5000 dollars to grow to 8600 dollars at an interest rate of 7.5 percent per year, compounded quarterly.
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5 votes
Find the time required for an investment of 5000 dollars to grow to 8600 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

User MadisonTrash
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2 Answers

27 votes
27 votes

Answer:

The answer is t=7.3

User Nniloc
by
3.4k points
19 votes
19 votes

Answer:

about 7.3 years

Explanation:


8600=5000(1+(.075)/(4))^(4*t)\\1.72=(1.01875)^(4t)\\log_(1.01875)1.72=4t\\29.19428479=4t\\t=7.298571198

User AlexC
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