Question

How long will it take for $4700 compounded semiannually at anannual rate of 1.5% to amount to $6200?

Answer 1

Given:

`A=\text{ \$6200 ; P= \$4700 ;R=1.5\%}`
`A=P(1+(R)/(n))^(nt)`
`6200=4700(1+(0.015)/(2))^(2t)`
`(6200)/(4700)=(2.015)^(2t)`
`t=18.5`

It takes 18 years and 6 months to reach the amount $6200