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Adorkable
 3 years ago
Compound Interest
Joshua invests $2000 at an annual interest rate of 6.05%, compounded semiannually. He needs to make his investment grow to $2400 determine the time this will take. Please explain and show work thanks!
Adorkable
 3 years ago
Compound Interest Joshua invests $2000 at an annual interest rate of 6.05%, compounded semiannually. He needs to make his investment grow to $2400 determine the time this will take. Please explain and show work thanks!

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cammyabbo
 3 years ago
Best ResponseYou've already chosen the best response.0you will use the compound interest formula, semi annual is twice a year

cammyabbo
 3 years ago
Best ResponseYou've already chosen the best response.0you're given the amount of the investment plus interest, so all you do is solve for t, which is years

cammyabbo
 3 years ago
Best ResponseYou've already chosen the best response.0\[2400=2000(1+\frac{ r }{ c })^{tc}\]

cammyabbo
 3 years ago
Best ResponseYou've already chosen the best response.0r=annual rate (0.0605) c=times compounded per year (2) t=time in years (solve for t)
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