Markdagreatest Markdagreatest
  • 17-07-2018
  • Mathematics
contestada

Approximately how many years would it take for a $10,000 investment, with an 8% interest per annum, to reach $14,800 if the interest is compounded quarterly?

Respuesta :

razorsharptip
razorsharptip razorsharptip
  • 17-07-2018

You would do:


t = time in years


14,800 = 10,000(1+0.08/4)^4t


1.48 = 1.02^4t


log_1.02(1.48) / 4 = t


((log 1.48)/ (log 1.02))/4 = t


t ~ 4,949 years

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