Find the time required for an investment of 5000 dollars to grow to 6500 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.
Find the time required for an investment of 5000 dollars to grow to 6500 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.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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Transcribed Image Text:Find the time required for an investment of 5000 dollars to grow to 6500 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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