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Popular Word Problems >

how long will it take for a 6000 investment to grow to 7956 at an annual rate of 7.6%, compounded quarterly

Solution

h o w l o n g w i ll i t t ak e f or a 6000 in v es t m e n t t o g ro w t o 7956 a t an ann u a l r a t e o f 7.6%, co m p o u n d e d q u a r t er l y

Solution

Time : 3.75

Solution steps

Translate the problem into an equation:

7956 = 6000 (1 + \frac{0.076}{4})^{4 t}

Solve for

t, 7956 = 6000 (1 + \frac{0.076}{4})^{4 t} : t = 3.75

Time : 3.75

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