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Carlos needs 4300 for a future project. He can invest 2000 now at an annual rate of 10% , compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project?

Solution

Solution

Time : 7.75

Solution steps

Translate the problem into an equation:

4300 = 2000 (1 + \frac{0.1}{4})^{4 t}

Solve for

t, 4300 = 2000 (1 + \frac{0.1}{4})^{4 t} : t = 7.75

Time : 7.75

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