anonymous
  • anonymous
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!
Mathematics
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anonymous
  • anonymous
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!
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
you will use the compound interest formula, semi annual is twice a year
anonymous
  • anonymous
you're given the amount of the investment plus interest, so all you do is solve for t, which is years
anonymous
  • anonymous
\[2400=2000(1+\frac{ r }{ c })^{tc}\]

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anonymous
  • anonymous
r=annual rate (0.0605) c=times compounded per year (2) t=time in years (solve for t)

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