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Popular Word Problems >

Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded quarterly.

Solution

F in d 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 ​16 000 t o g ro w t o ​21 000 a t an ann u a l in t eres t r a t e o f 6​% i f t h e in t eres t i s co m p o u n d e d q u a r t er l y .

Solution

Time : 4.57

Solution steps

Translate the problem into an equation:

21000 = 16000 (1 + \frac{0.06}{4})^{4 t}

Solve for

t, 21000 = 16000 (1 + \frac{0.06}{4})^{4 t} : t = 4.57

Time : 4.57

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