Mai deposited 6000 into an account with a 5% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to 14,238?

Soluzione

Mai deposited 6000 into an account with a 5% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to 14, 238?

Soluzione

Time : 17.5

Fasi della soluzione

Translate the problem into an equation:

14238 = 6000 (1 + \frac{0.05}{2})^{2 t}

Risolvi per

t, 14238 = 6000 (1 + \frac{0.05}{2})^{2 t} : t = 17.5

Time : 17.5

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