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

  • one year ago
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  1. cammyabbo Group Title
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    you will use the compound interest formula, semi annual is twice a year

    • one year ago
  2. cammyabbo Group Title
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    you're given the amount of the investment plus interest, so all you do is solve for t, which is years

    • one year ago
  3. cammyabbo Group Title
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    \[2400=2000(1+\frac{ r }{ c })^{tc}\]

    • one year ago
  4. cammyabbo Group Title
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    r=annual rate (0.0605) c=times compounded per year (2) t=time in years (solve for t)

    • one year ago
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