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Popular 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.

Solución

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 .

Solución

Time : 2.45

Pasos de solución

Translate the problem into an equation:

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

Resolver para

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

Time : 2.45367 \dots

Redondear

2.45367 \dots

al más cercano a 2 posiciones decimales:

2.45

Time : 2.45

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