Question

Find the time required for an investment of 5000 dollars to grow to 8300 dollars at an interest rate of 7.5
percent per year, compounded quarterly.

Your answer is t =
years.


You may enter the exact value or round to 2 decimal places.

Answer 1

Answer:

1.60 (rounded)

Step-by-step explanation:

I haven't done this in a while but you'd use the compound interest formula a=p(1+r)^n where a=8300 p=5000 r=0.075 and solve for n