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How long will it take 4,000 to grow to 7,600 at 7% compounded semi-annually? Express your answer in years.

Solution

How long will it take 4, 000 to grow to 7, 600 at 7% compounded semi-annually? Express your answer in years.

Solution

Time : 9.33

Solution steps

Translate the problem into an equation:

7600 = 4000 (1 + \frac{0.07}{2})^{2 t}

Solve for

t, 7600 = 4000 (1 + \frac{0.07}{2})^{2 t} : t = 9.33

Time : 9.33

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