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Deshaun needs 18464 for a future project. He can invest 4000 now at an annual rate of 8% , compounded semiannually. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project?

Solution

Solution

Time : 19.5

Solution steps

Translate the problem into an equation:

18464 = 4000 (1 + \frac{0.08}{2})^{2 t}

Solve for

t, 18464 = 4000 (1 + \frac{0.08}{2})^{2 t} : t = 19.5

Time : 19.5

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