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anonymous

  • 5 years ago

Find the time required for an investment of 5000 dollars to grow to 7100 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t=? :(

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  1. anonymous
    • 5 years ago
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    5000=5000*.075*t

  2. anonymous
    • 5 years ago
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    helped??

  3. anonymous
    • 5 years ago
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    well??

  4. anonymous
    • 5 years ago
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    no it wasnt it:( at least for what i solved for..

  5. dumbcow
    • 5 years ago
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    7100 = 5000(1+(.075/4))^4t 7100 = 5000(1.01875)^4t 1.42 = 1.01875^4t ln(1.42)/ln(1.01875) = 4t 18.876 = 4t 4.719 = t

  6. dumbcow
    • 5 years ago
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    you get it?

  7. anonymous
    • 5 years ago
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    actually it said it was wrong..

  8. anonymous
    • 5 years ago
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    your prob close though

  9. dumbcow
    • 5 years ago
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    haha no its right i just verified it t = 4.71912 years

  10. anonymous
    • 5 years ago
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    no it is not right because it said compounded quarterly not continuously. formula is \[5000(1+\frac{.075}{4})^{4y}\]

  11. anonymous
    • 5 years ago
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    then you solve \[7100=5000(1.01875)^{4t}\] \[1.42=(1.01875)^{4t}\] \[\ln(1.42)=4t\ln(1.01875)\] \[t=\frac{\ln(1.42}{4\ln(1.01875)}\]

  12. anonymous
    • 5 years ago
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    oops dumb cow had it i only looked at first one. sorry

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