Find the time required for an investment of 5000 dollars to grow to 8200 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places Your answer is t = t = years.
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Step 1
We are given the initial investment (P) as 5000 dollars, the final amount (A) as 8200 dollars, the interest rate (r) as 7.5 percent or 0.075, and the number of times the interest is compounded per year (n) as 4 (quarterly). Show more…
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