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Popular >

Find how long it takes a 1700 investment to earn 900 interest if it is invested at 5% interest compounded quarterly.

Solution

Find how long it takes a 1700 investment to earn 900 interest if it is invested at 5% interest compounded quarterly.

Solution

Time : 8.55

Solution steps

Translate the problem into an equation:

2600 = 1700 (1 + \frac{0.05}{4})^{4 t}

Solve for

t, 2600 = 1700 (1 + \frac{0.05}{4})^{4 t} : t = 8.55

Time : 8.55

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