A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 one year 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!
 one year 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!

This Question is Closed

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

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

cammyabbo
 one year 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)
Ask your own question
Ask a QuestionFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.