Forever Yours asked the following

fertieg50

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A = P(1 + r/n)^(nt)
8500 = 5000(1 + 0.075/4)^(4t)
==> 8500 = 5000(1.01875)^(4t)
==> 1.7 = 1.01875^(4t)
==> ln(1.7) = ln[1.01875^(4t)]
==> ln(1.7) * 4t*ln(1.01875)
==> 4t = ln(1.7)/ln(1.01875)
==> t = ln(1.7)/[4ln(1.01875)] ≈ 7.14
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So it will take about 7.14 years.
We said:
Answer by θ βяιαη θ
Recall your compound interest formula.
I hope this helps!
Since the rate is 7.5%/year, we have that r = 0.075. Also, we are compounding 4 times a year. So we have that n = 4. We are also given that A = 8500 and P = 5000. So we have:
Forever Yours asked the following: Find the time required for an investment of 5000 dollars to grow to 8500 dollars at an interest rate of 7.5 pe?
Find the time required for an investment of 5000 dollars to grow to 8500 dollars at an interest rate of 7.5 percent per year, compounded quarterly.
Add your own answer in the comments!

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Jill? Ginsburg
Jill on the train a young woman presented to 100 U.S. dollars, the woman looked puzzled expression Gill.

San financial Granny

given away $ 100 a day

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