Keiko deposited $5000 into an account with a 8.6% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to $7945? Do not round any intermediate computations, and round your answer to the nearest hundredth.
Keiko deposited $5000 into an account with a 8.6% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it take for the investment to grow to $7945? Do not round any intermediate computations, and round your answer to the nearest hundredth.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Keiko deposited $5000 into an account with a 8.6% annual interest rate, compounded semiannually. Assuming that no withdrawals are made, how long will it
take for the investment to grow to $7945?
Do not round any intermediate computations, and round your answer to the nearest hundredth.
years
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