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Find the time required for an investment of 5000 dollars to grow to 8600 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Sagot :

madethisfortwitch1

Answer:

about 7.3 years

Step-by-step explanation:

[tex]8600=5000(1+\frac{.075}{4})^{4*t}\\1.72=(1.01875)^{4t}\\log_{1.01875}1.72=4t\\29.19428479=4t\\t=7.298571198[/tex]

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