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Popular Word Problems >

Find the time required for an investment of 3000 to grow to 7000 at an interest rate of 8.5% per year, compounded quarterly

Solution

solve for

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 3000 t o g ro w t o 7000 a t an in t eres t r a t e o f 8.5% p er ye a r, co m p o u n d e d q u a r t er l y

Solution

Time : 10.07

Solution steps

Translate the problem into an equation:

7000 = 3000 (1 + \frac{0.085}{4})^{4 t}

Solve for

t, 7000 = 3000 (1 + \frac{0.085}{4})^{4 t} : t = 10.07

Time : 10.07

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