Question

Find the time required for an investment of 5000 dollars to grow to 8900 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t = years.

Answer 1

Investment = $5000 Reduire Amount : $ 8900 Rate = 7.5% Compound Quarterly let time t yeares 14t 8900= 5000 نا 7.5 4 X100 =) 8900 5000 (1601875)4+ 키 n 189/50) 4t -In ( 101875) >> In ( 89/50) = 4t In 11.01875) =) t In ( 89/650 4 In ( 1.01875) 7.76 years Answer

Answer 2

t=4.53 years