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Group Title
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!
 one year ago
 one year ago
Adorkable Group Title
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!
 one year ago
 one year ago

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

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

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

cammyabbo Group TitleBest ResponseYou've already chosen the best response.0
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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