Ahmad needs $7000 for a future project. He can invest $5000 now at an annual rate of 13.5%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project? Do not round any intermediate computations, and round your answer to the nearest hundredth. If necessary, refer to the list of financial formulas. years S ?
Ahmad needs $7000 for a future project. He can invest $5000 now at an annual rate of 13.5%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project? Do not round any intermediate computations, and round your answer to the nearest hundredth. If necessary, refer to the list of financial formulas. years S ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not round immediate computations, and round your answer to the nearest hundredth.
![Ahmad needs $7000 for a future project. He can invest $5000 now at an annual rate of 13.5%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project? Do not round any intermediate computations, and round your answer to the nearest hundredth.
If necessary, refer to the list of financial formulas.
[ ] years x ⟳ ?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18cc3ca4-572d-4b68-a72e-02594703236b%2F225563b8-07a6-463a-aa9d-7225ff7ae3cb%2Fls5z5tf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ahmad needs $7000 for a future project. He can invest $5000 now at an annual rate of 13.5%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for him to have enough money for his project? Do not round any intermediate computations, and round your answer to the nearest hundredth.
If necessary, refer to the list of financial formulas.
[ ] years x ⟳ ?
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