Question

Question 21 of 25 Boris needs $4500 for a future project. He can invest $2500 now at an annual rate of 7%, compounded semiannually. 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. n=2 2500 = 4500 $\left(\frac{1 + 0.07}{2}\right)^{2t}$ A = P$(1 + \frac{r}{n})^{nt}$ Find t!

          Question 21 of 25
Boris needs $4500 for a future project. He can invest $2500 now at an annual rate of 7%, compounded semiannually. 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.
n=2
2500 = 4500  $\left(\frac{1 + 0.07}{2}\right)^{2t}$
A = P$(1 + \frac{r}{n})^{nt}$ Find t!