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Popular Word Problems >

Mai deposited 6000 into an account with a 5% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to 14,238?

Solution

M ai d e p os i t e d 6000 in t o an a cco u n t w i t h a 5% ann u a l in t eres t r a t e, co m p o u n d e d se miann u a ll y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, h o w l o n g w i ll i t t ak e f or t h e in v es t m e n t t o g ro w t o 14, 238 ?

Solution

Time : 17.5

Solution steps

Translate the problem into an equation:

14238 = 6000 (1 + \frac{0.05}{2})^{2 t}

Solve for

t, 14238 = 6000 (1 + \frac{0.05}{2})^{2 t} : t = 17.5

Time : 17.5

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