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How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500

How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500
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2 votes
How many years ago was $5000 invested in an account paying 8% annual interest compounded quarterly,if the amount presently in the account is $11 500

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User Abdulla Nilam
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8.7k points

1 Answer

6 votes
T=(log(11,500÷5,000)÷log(1+0.08÷4))/4
T=10.52 years
answered
User Michael Dorfman
by
7.8k points
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