Question

If you deposit $5000 into an account paying 8.25% annual interest account compounded semi annually how long until there is $9350 in the account

Answer 1

7.742562897 years

Explanation:

`9350=5000(1+(.0825)/(2))^(2t)\\9350=5000(1.04125)^(2t)\\1.87=1.04125^(2t)\\\log_(1.04125)1.87=2t\\\log_(1.04125)1.87=(\log1.87)/(\log1.04125)=15.48512579\\15.48512579=2t\\t=7.742562897`

I will leave you to round the answer