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An investment of 8,600.00 at 4.7% p.a. compounded quarterly is now valued at12,590.72. How long ago was the investment made?

Solution

An investment of 8, 600.00 at 4.7% p.a. compounded quarterly is now valued at12, 590.72. How long ago was the investment made?

Solution

Time : 8.16

Solution steps

Translate the problem into an equation:

12590.72 = 8600 (1 + \frac{0.047}{4})^{4 t}

Solve for

t, 12590.72 = 8600 (1 + \frac{0.047}{4})^{4 t} : t = 8.16

Time : 8.16

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