00:01
So in this problem, we have $4 ,000.
00:07
We want it to grow to $9 ,000, and we have a 75 % annual percentage rate, compounding quarterly.
00:24
And we want to know how long this takes, how long the time it's going to take.
00:29
So if remember the equation, we have that p is p0 times 1 plus, r over n, the number of periods in a year, times n t, where t is in years.
00:51
Okay, since i am compounding quarterly, that means n is 4.
00:59
This is my r.
01:01
This is my p0.
01:05
This is my p.
01:07
So here we go.
01:08
9 ,000 is 4 ,000 times 1 plus 0 .0 .0.
01:18
Over 4 to the 4t.
01:23
Okay, so 0 .075 divided by 4.
01:34
So this is 4 ,000 times 1 .01875 to the 4t.
01:43
So divide everything by 4 ,000 first of all...