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Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 7400 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 7400 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 : 5.28

Solution steps

Translate the problem into an equation:

7400 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 7400 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 5.28

Time : 5.28

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