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Phổ biến >

Find the time required for an investment of 5000 dollars to grow to 8000 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Lời Giải

Find the time required for an investment of 5000 dollars to grow to 8000 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Lời Giải

Time : 6.33

Các bước giải pháp

Translate the problem into an equation:

8000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Giải

t, 8000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 6.33

Time : 6.33

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