David needs 6432 for a future project. He can invest 6000 now at an annual rate of 4%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project?

Solución

Solución

Time : 1.75

Pasos de solución

Translate the problem into an equation:

6432 = 6000 (1 + \frac{0.04}{4})^{4 t}

Resolver para

t, 6432 = 6000 (1 + \frac{0.04}{4})^{4 t} : t = 1.75

Time : 1.75

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