Find the time required for an investment of 5000 dollars to grow to 7700 dollars at an interest rate of 7.5:percent per year, compounded quarterly.:Your answer is t= :years.

Solución

Solución

Time : 5.81

Pasos de solución

Translate the problem into an equation:

7700 = 5000 (1 + \frac{0.075}{4})^{4 t}

Resolver para

t, 7700 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 5.81

Time : 5.81

Ejemplos populares

Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years?Fourteen more than 5 times a number is 34.the sum of 5 times a number and 7equal 8 the product of 4, and a number increased by 7, is-36 Four more than the product of a number and 7 is equal to 8.