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Populaire Word Problems >

Find the time required for an investment of 5000 dollars to grow to 7400 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years.

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 5000 d o ll a rs t o g ro w t o 7400 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 : 5.28

étapes des solutions

Translate the problem into an equation:

7400 = 5000 (1 + \frac{0.075}{4})^{4 t}

Solutionner pour

t, 7400 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 5.28

Time : 5.28

Exemples populaires

What number is 55% of 900 The sum of three numbers is 79 . The second number is 2 times a number. The first number is 7 more than a number 5 less than the product of two and a number.Jack is twice as old as Lacy. In three years, the sum of their ages will be 54.how old will be lacy three years from now A number more than 2.