en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 6400 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 6400 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 : 3.32

Solution steps

Translate the problem into an equation:

6400 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solve for

t, 6400 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 3.32

Time : 3.32

Popular Examples

Twice the sum of a number and 7.Francesca opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded annually. How much interest will she earn after 4 years?joseph and david are playing with cards and in a pack there are 52 cards joseph drew a card at random with a replacement then he ask david what is the probability of drawing a queen followed by a king Nancy earned some money doing odd jobs last summer and put it in a savings account that earns 14% interest compounded annually. After 10 years, there is 300.00 in the account. How much did Nancy earn doing odd jobs?Round your answer to the nearest cent.three less than half a number