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.

asked Jun 14, 2022 193k views

1 vote

by Gats

4.5k points

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3 votes

Answer:

The answer is t=7.3

Smheidrich answered Jun 15, 2022

4.6k points

3 votes

Answer:

about 7.3 years

Explanation:

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

Jury answered Jun 20, 2022

by Jury

5.2k points

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