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How long will it take 1000 to accumulate to 1760 at 8.5% p.a.compounded semi-annually?

Solution

How long will it take 1000 to accumulate to 1760 at 8.5% p.a.compounded semi-annually?

Solution

Time : 6.79

Solution steps

Translate the problem into an equation:

1760 = 1000 (1 + \frac{0.085}{2})^{2 t}

Solve for

t, 1760 = 1000 (1 + \frac{0.085}{2})^{2 t} : t = 6.79

Time : 6.79

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