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Find the time required for an investment of 5000 dollars to grow to 7000 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Solución

Find the time required for an investment of 5000 dollars to grow to 7000 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Solución

Time : 4.53

Pasos de solución

Translate the problem into an equation:

7000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Resolver para

t, 7000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 4.53

Time : 4.53

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