Iassilva Iassilva

27-11-2020
Mathematics

contestada

Find the time required for an investment of 5000 dollars to grow to 8300 dollars at an interest rate of 7.5
percent per year, compounded quarterly.

Your answer is t =
years.

You may enter the exact value or round to 2 decimal places.

Respuesta :

kierstenpenney2 kierstenpenney2

27-11-2020

Answer:

1.60 (rounded)

Step-by-step explanation:

I haven't done this in a while but you'd use the compound interest formula a=p(1+r)^n where a=8300 p=5000 r=0.075 and solve for n

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