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Popular Word Problems >

An investment of 8,600.00 at 4.7% p.a. compounded quarterly is now valued at12,590.72. How long ago was the investment made?

Solution

implicit derivative

in v es t m e n t o f 8, 600.00 a t 4.7% p . a . co m p o u n d e d q u a r t er l y i s n o w v a l u e d a t 12, 590.72. Ho w l o n g a g o w a s t h e in v es t m e n t ma d e ?

Solution

Time : 8.16

Solution steps

Translate the problem into an equation:

12590.72 = 8600 (1 + \frac{0.047}{4})^{4 t}

Solve for

t, 12590.72 = 8600 (1 + \frac{0.047}{4})^{4 t} : t = 8.16

Time : 8.16

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