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Find the time required for an investment of 5000 dollars to grow to 6100 dollars at an interest rate of 7.7 percent per year, compounded quarterly.

Solution

Find the time required for an investment of 5000 dollars to grow to 6100 dollars at an interest rate of 7.7 percent per year, compounded quarterly.

Solution

Time : 2.61

Solution steps

Translate the problem into an equation:

6100 = 5000 (1 + \frac{0.077}{4})^{4 t}

Solve for

t, 6100 = 5000 (1 + \frac{0.077}{4})^{4 t} : t = 2.61

Time : 2.61

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