Question
An investment venture earns interest at a rate of 5% per year compounded quarterly. If you invest
the $8,000 in the venture, how long will it take to earn an interest of $75? ( provide an exact answer as well as an approximate answer rounded to two decimals)
the $8,000 in the venture, how long will it take to earn an interest of $75? ( provide an exact answer as well as an approximate answer rounded to two decimals)
Answers
oobleck
8000((1+0.05/4)^(4n) - 1) = 75
solve for n.
Not long, if you consider that he makes over $80 per quarter
I suspect a typo.
solve for n.
Not long, if you consider that he makes over $80 per quarter
I suspect a typo.