Adorkable Group Title 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 one year ago

1. cammyabbo Group Title

you will use the compound interest formula, semi annual is twice a year

2. cammyabbo Group Title

you're given the amount of the investment plus interest, so all you do is solve for t, which is years

3. cammyabbo Group Title

$2400=2000(1+\frac{ r }{ c })^{tc}$

4. cammyabbo Group Title

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