Question

You are investing $6500 in an account that compound semi annually at a rate of 8.2%. How long will it take to make $13,000?(round your answers to the nearest whole number)

Answer 1

~13 years

Explanation:

18500 = 6500(1 + [0.082/2])^(2t)

2.84 = (1.041)^2t

t ≈ 12.988 ≈ 13