Find the time required for an investment of 5000 dollars to grow to 6000 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.

Решение

F in d t h e t im e re q u i re d f or an in v es t m e n t o f 5000 d o ll a rs t o g ro w t o 6000 d o ll a rs a t an in t eres t r a t e o f 7.5 p erce n t p er ye a r, co m p o u n d e d q u a r t er l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Time : 2.45

Шаги решения

Translate the problem into an equation:

6000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Решите для

t, 6000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 2.45367 \dots

Time : 2.45367 \dots

Округлить

2.45367 \dots

до ближайшего 2 decimal places:

2.45

Time : 2.45