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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.:Your answer is t= :years.

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 . : Y o u r an s w er i s t = : ye a rs .

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

10% of what number is 91 Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years?Fourteen more than 5 times a number is 34.the sum of 5 times a number and 7equal 8 the product of 4, and a number increased by 7, is-36