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

Solution

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

Solution

Time : 6.33

Solution steps

Translate the problem into an equation:

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

Solve for

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

Time : 6.33

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