Question 1164228: A sum of $2500, 00 earns interest at a rate of 12% per year compounded quarterly. How long will it take the investment to grow to $ 400, 000?
Found 3 solutions by greenestamps, josgarithmetic, ikleyn:
Answer by greenestamps(13209)   (Show Source):
Answer by josgarithmetic(39630)  (Show Source):
You can put this solution on YOUR website! How much is the sum to be invested?
Calling the sum to invest, A, then 12% per year compounded QUARTERLY, means  or 3% interest rate PER QUARTER.
Wanted is finish with $400000.
 , in which n is how many quarter-of-the-year periods; or how many three-month periods.
Decide what your A value really is, and solve the equation for n; and then convert that into the number of years or months.
Answer by ikleyn(52879)  (Show Source):
You can put this solution on YOUR website! .
In the number 2500,00 in your post, you placed "comma" in wrong place.
It is MATH; hence, everything MUST BE in their correct places:
every letter, every digit, and even every punctuation sign.
And it is YOUR RESPONSIBILITY and YOUR DUTY to write correctly to this forum.
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