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Popular Word Problems >

How much time will be needed for 21, 000 to grow to 25, 107.98 if deposited at 6 % compounded quarterly?

Solution

Ho w m u c h t im e w i ll b e n ee d e d f or 21, 000 t o g ro w t o 25, 107.98 i f d e p os i t e d a t 6 % co m p o u n d e d q u a r t er l y ​ ?

Solution

Time : 3

Solution steps

Translate the problem into an equation:

25107.98 = 21000 (1 + \frac{0.06}{4})^{4 t}

Solve for

t, 25107.98 = 21000 (1 + \frac{0.06}{4})^{4 t} : t = 3

Time : 3

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