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Populaire Word Problems >

Find how long it takes a 1500 investment to earn 800 interest if it is invested at 7% interest compounded quarterly

Solution

F in d h o w l o n g i t t ak es a ​1500 in v es t m e n t t o e a r n ​800 in t eres t i f i t i s in v es t e d a t 7​% in t eres t co m p o u n d e d q u a r t er l y

Solution

Time : 6.16

étapes des solutions

Translate the problem into an equation:

2300 = 1500 (1 + \frac{0.07}{4})^{4 t}

Solutionner pour

t, 2300 = 1500 (1 + \frac{0.07}{4})^{4 t} : t = 6.16

Time : 6.16

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