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Beliebt Word Problems >

Find the time required for an investment of 5000 dollars to grow to 6000 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.

Lösung

F in d t h e t im e re q u i re d f or an in v es t m e n t o f 5000 d o ll a rs t o g ro w t o 6000 d o ll a rs a t an in t eres t r a t e o f 7.5 p erce n t p er ye a r, co m p o u n d e d q u a r t er l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Lösung

Time : 2.45

Schritte zur Lösung

Translate the problem into an equation:

6000 = 5000 (1 + \frac{0.075}{4})^{4 t}

Löse nach

t, 6000 = 5000 (1 + \frac{0.075}{4})^{4 t} : t = 2.45367 \dots

Time : 2.45367 \dots

Round

2.45367 \dots

to the nearest 2 decimal places:

2.45

Time : 2.45

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