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Popular Word Problems >

Find the time required for an investment of 5000 to grow to 8000 at an instant rate of 7.5% 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 5000 t o g ro w t o 8000 a t an in s t an t r a t e o f 7.5% p er ye a r, co m p o u n d e d q u a r t er l y .

Solution

Time : 6.33

Solution steps

Translate the problem into an equation:

8000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 8000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 6.33

Time : 6.33

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