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Popular Word Problems >

Find how long it takes a 900 investment to earn 400 interest if it is invested at 4% interest compounded quarterly.

Solution

solve for

h o w l o n g i t t ak es a 900 in v es t m e n t t o e a r n 400 in t eres t i f i t i s in v es t e d a t 4% in t eres t co m p o u n d e d q u a r t er l y .

Solution

Time : 9.24

Solution steps

Translate the problem into an equation:

1300 = 900 (1 + \frac{0.04}{4})^{4 t}

Solve for

t, 1300 = 900 (1 + \frac{0.04}{4})^{4 t} : t = 9.24

Time : 9.24

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