SOLUTION: if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500
Algebra.Com
Question 1033886: if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
if 2500 is invested at an interest rate of 6.5% compounded monthly how long will it take for the investment to reach 7500
---------
A(t) = P(1+(r/n))^(n*t)
-----
7500 = 2500(1+(0.065/12))^(12*t)
-------
1.0054^(12t) = 3
--------
12t = log(3)/log(1.0054)
------
12t = 204
t = 17 years
-----------------
Cheers,
Stan H.
---------
RELATED QUESTIONS
If $7000 is invested at an interest rate of 6.5% per year, compounded monthly, how long... (answered by Alan3354)
How long it will take for P 2500 to become P 3205.09 if it is invested at an interest... (answered by Edwin McCravy)
How long will it take for an investment to reach 4 times its original value if it is... (answered by stanbon)
How long will it take an investment of $2000 to double if the investment earns interest... (answered by mananth)
If $5530 is invested in an account at 5% interest compounded monthly, how long will it... (answered by Boreal)
Determine the amount of an investment of $2500 if it is invested at in interest rate of... (answered by ewatrrr)
How long will it take for 1000 to double, in an investment, when interest is compounded... (answered by Edwin McCravy)
How long will it take an investment of $1,000 to double if the investment earns interest... (answered by mananth)
Question 1.
How long will it take for an investment to double at 7%p.a. compounded... (answered by Boreal)