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Popolare Word Problems >

Find the time required for an investment of 5000 dollars to grow to 6000 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.

Soluzione

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 6000 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 . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Soluzione

Time : 2.45

Fasi della soluzione

Translate the problem into an equation:

6000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Risolvi per

t, 6000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 2.45367 \dots

Time : 2.45367 \dots

Arrotonda

2.45367 \dots

al più vicino 2 decimal places:

2.45

Time : 2.45

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