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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=?
:(
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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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0no it wasnt it:( at least for what i solved for..

dumbcow
 5 years ago
Best ResponseYou've already chosen the best response.07100 = 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

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0actually it said it was wrong..

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0your prob close though

dumbcow
 5 years ago
Best ResponseYou've already chosen the best response.0haha no its right i just verified it t = 4.71912 years

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0no it is not right because it said compounded quarterly not continuously. formula is \[5000(1+\frac{.075}{4})^{4y}\]

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0then you solve \[7100=5000(1.01875)^{4t}\] \[1.42=(1.01875)^{4t}\] \[\ln(1.42)=4t\ln(1.01875)\] \[t=\frac{\ln(1.42}{4\ln(1.01875)}\]

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0oops dumb cow had it i only looked at first one. sorry
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