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Popular Word Problems >

How long will it take for a 5000 investment to grow to 7945 at an annual rate of 8.6% compounded semiannually?

Solution

Ho w l o n g w i ll i t t ak e f or a 5000 in v es t m e n t t o g ro w t o 7945 a t an ann u a l r a t e o f 8.6% co m p o u n d e d se miann u a ll y ?

Solution

Time : 5.5

Solution steps

Translate the problem into an equation:

7945 = 5000 (1 + \frac{0.086}{2})^{2 t}

Solve for

t, 7945 = 5000 (1 + \frac{0.086}{2})^{2 t} : t = 5.5

Time : 5.5

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