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Find the time required for an investment of 3000 to grow to 7000 at an interest rate of 8.5% per year, compounded quarterly

Solution

Find the time required for an investment of 3000 to grow to 7000 at an interest rate of 8.5% per year, compounded quarterly

Solution

Time : 10.07

Solution steps

Translate the problem into an equation:

7000 = 3000 (1 + \frac{0.085}{4})^{4 t}

Solve for

t, 7000 = 3000 (1 + \frac{0.085}{4})^{4 t} : t = 10.07

Time : 10.07

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