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Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 7600 dollars at an interest rate of 7 percent per year, compounded weekly.

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Solution

solve for thetimerequiredforaninvestmentof5000dollarstogrowto7600dollarsataninterestrateof7percentperyear,compoundedweekly.

Solution

Time:5.99
Solution steps
Translate the problem into an equation:7600=5000(1+520.07​)52t
Solve for t,7600=5000(1+520.07​)52t:t=5.99
Time:5.99

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