Answered: Find the time required for an…

Find the time required for an investment of 5000 dollars to grow to 6700 dollars at an interest rate of 7.5 percent per year,

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 27P

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Find the time required for an investment of 5000 dollars to grow to 6700 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

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we have convert annual rate to quarter period interest and period into quarterly period also.

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