Asked by Katie
Find the time required for an investment of 1 dollars to grow to 7300 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.
Thank you!
Thank you!
Answers
Answered by
oobleck
find t such that
1.00(1 + 0.075/4)^(4t) = 7300
4t log(1 + 1.075/4) = log7300
now finish it off.
1.00(1 + 0.075/4)^(4t) = 7300
4t log(1 + 1.075/4) = log7300
now finish it off.
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