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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

5000=5000*.075*t

2. anonymous

helped??

3. anonymous

well??

4. anonymous

no it wasnt it:( at least for what i solved for..

5. 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

6. dumbcow

you get it?

7. anonymous

actually it said it was wrong..

8. anonymous

your prob close though

9. dumbcow

haha no its right i just verified it t = 4.71912 years

10. anonymous

no it is not right because it said compounded quarterly not continuously. formula is $5000(1+\frac{.075}{4})^{4y}$

11. anonymous

then you solve $7100=5000(1.01875)^{4t}$ $1.42=(1.01875)^{4t}$ $\ln(1.42)=4t\ln(1.01875)$ $t=\frac{\ln(1.42}{4\ln(1.01875)}$

12. anonymous

oops dumb cow had it i only looked at first one. sorry

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