SOLUTION: Suppose you invest $1500 at an annual rate of 6.50% compounded quarterly. how long will it take for the investment to reach a value of $7500?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose you invest $1500 at an annual rate of 6.50% compounded quarterly. how long will it take for the investment to reach a value of $7500?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 194015: Suppose you invest $1500 at an annual rate of 6.50% compounded quarterly. how long will it take for the investment to reach a value of $7500?
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
use the formulaFV=P%281%2Br%2Fn%29%5Ent
:
7500=1500%281%2B.065%2F4%29%5E%284t%29 solve for t