A sum of 5,000 dollars is invested at an interest rate of 8 and 1/2% per year, compounded semi-annually. a. Find the amount of the investment after 1.5 years. b. After what period of time will the investment amount to 7,000 dollars? c. If interest were compounded quarterly instead of semi-annually, how long would it take for the amount to grow to 7,000 dollars?
A sum of 5,000 dollars is invested at an interest rate of 8 and 1/2% per year, compounded semi-annually. a. Find the amount of the investment after 1.5 years. b. After what period of time will the investment amount to 7,000 dollars? c. If interest were compounded quarterly instead of semi-annually, how long would it take for the amount to grow to 7,000 dollars?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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A sum of 5,000 dollars is invested at an interest rate of 8 and 1/2% per year, compounded semi-annually.
a. Find the amount of the investment after 1.5 years.
b. After what period of time will the investment amount to 7,000 dollars?
c. If interest were compounded quarterly instead of semi-annually, how long would it take for the amount to grow to 7,000 dollars?
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