anonymous
  • anonymous
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=? :(
Mathematics
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
5000=5000*.075*t
anonymous
  • anonymous
helped??
anonymous
  • anonymous
well??

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anonymous
  • anonymous
no it wasnt it:( at least for what i solved for..
dumbcow
  • dumbcow
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
dumbcow
  • dumbcow
you get it?
anonymous
  • anonymous
actually it said it was wrong..
anonymous
  • anonymous
your prob close though
dumbcow
  • dumbcow
haha no its right i just verified it t = 4.71912 years
anonymous
  • anonymous
no it is not right because it said compounded quarterly not continuously. formula is \[5000(1+\frac{.075}{4})^{4y}\]
anonymous
  • anonymous
then you solve \[7100=5000(1.01875)^{4t}\] \[1.42=(1.01875)^{4t}\] \[\ln(1.42)=4t\ln(1.01875)\] \[t=\frac{\ln(1.42}{4\ln(1.01875)}\]
anonymous
  • anonymous
oops dumb cow had it i only looked at first one. sorry

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