Asked by tania
if $15,000 is invested at 6%, compounded quarterly, how long will it be before it grows to $25,000?
Answers
Answered by
Reiny
25000 = 15000(1.015)^n , where n is the number of quarter years
5/3 = 1.015^n
log both sides
log (5/3) = log (1.015^n)
log5 - log3 = n log 1.015
n = (log5 - log3)/log 1.015 = appr 34.3 quarters
or 11.4 years or 137 months
5/3 = 1.015^n
log both sides
log (5/3) = log (1.015^n)
log5 - log3 = n log 1.015
n = (log5 - log3)/log 1.015 = appr 34.3 quarters
or 11.4 years or 137 months
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.