en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 7700 dollars at an interest rate of 7.5 percent 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 5000 d o ll a rs t o g ro w t o 7700 d o ll a rs a t an in t eres t r a t e o f 7.5 p erce n t p er ye a r, co m p o u n d e d q u a r t er l y .

Solution

Time : 5.81

Solution steps

Translate the problem into an equation:

7700 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 7700 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 5.81

Time : 5.81

Popular Examples

mr smith invested 200000 into a fund that compounded interest continuously. Ten years later his account had a balance of 220000. what interest rate did his investment earn The circumference of a circle is 25.12 yards. What is the circle's area?The 40th term of the number sequence is 119.(b) Work out the 41st term of the number sequence.A land is in the shape of rectangle. Find the area of the land whose side lengths are 3sqrt(8) inches and 2sqrt(8) inches.What number is 29% of 45