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Find the time required for an investment of 3000 to grow to 6000 at an interest rate of 7.5% per year, compounded quarterly.

Solution

Find the time required for an investment of 3000 to grow to 6000 at an interest rate of 7.5% per year, compounded quarterly.

Solution

Time : 9.33

Solution steps

Translate the problem into an equation:

6000 = 3000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 6000 = 3000 (1 + \frac{0.075}{4})^{4 t} : t = 9.33

Time : 9.33

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