en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Find the time required for an investment of 5000 dollars to grow to 6000 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.

Solution

F in d t h e t im e re q u i re d f or an in v es t m e n t o f 5000 d o ll a rs t o g ro w t o 6000 d o ll a rs a t an in t eres t r a t e o f 7.5 p erce n t p er ye a r, co m p o u n d e d q u a r t er l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Time : 2.45

Solution steps

Translate the problem into an equation:

6000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 6000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 2.45367 \dots

Time : 2.45367 \dots

Round

2.45367 \dots

to the nearest 2 decimal places:

2.45

Time : 2.45

Popular Examples

a cube has side length 5cm. What is its volume Alvin ordered a set of beads. He received 940 beads, and 90% of them were brown. How many brown beads did Alvin receive?13 for 1 week how much would she owe the hotel The difference between twice a number and 6 is 14. FInd the number What is the result when the number 93 is increased by 8%?