Find the time required for an investment of 5000 dollars to grow to 8900 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.

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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Find the time required for an investment of 5000 dollars to grow to 8900 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.
Transcribed Image Text:Find the time required for an investment of 5000 dollars to grow to 8900 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.
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