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Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 6.5% per year, compounded quarterly.Write an exponential equation and use logarithms to solve it.Round to 4 decimal places.Your answer is years.

Solution

Solution

Time : 5.66

Solution steps

Translate the problem into an equation:

7200 = 5000 (1 + \frac{0.065}{4})^{4 t}

Solve for

t, 7200 = 5000 (1 + \frac{0.065}{4})^{4 t} : t = 5.66

Time : 5.66

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