Question

Find the time required for an investment of 5000 dollars to grow to 8600 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Answer 1

The answer is t=7.3

Answer 2

about 7.3 years

Explanation:

`8600=5000(1+(.075)/(4))^(4*t)\\1.72=(1.01875)^(4t)\\log_(1.01875)1.72=4t\\29.19428479=4t\\t=7.298571198`