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aldo deposited 7000 into an account with an 11% interest rate compounded semiannually. How long will it take for the investment to grow to 40964

Solution

aldo deposited 7000 into an account with an 11% interest rate compounded semiannually. How long will it take for the investment to grow to 40964

Solution

Time : 16.5

Solution steps

Translate the problem into an equation:

40964 = 7000 (1 + \frac{0.11}{2})^{2 t}

Solve for

t, 40964 = 7000 (1 + \frac{0.11}{2})^{2 t} : t = 16.5

Time : 16.5

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