en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded quarterly.

Solution

Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded quarterly.

Solution

Time : 4.57

Solution steps

Translate the problem into an equation:

21000 = 16000 (1 + \frac{0.06}{4})^{4 t}

Solve for

t, 21000 = 16000 (1 + \frac{0.06}{4})^{4 t} : t = 4.57

Time : 4.57

Popular Examples

Calculate the amount of simple interest on 5000 for 6 years at 8% interest.You deposit 4000 in an account earning 8% interest compounded continuously. How much will you have in the account in 10 years?Seven more than twice the number is 23. What is the number?The product of two consecutive odd integers is 15 The product of six and seven more than a number is 50.