Question 1149069
Find the time required for an investment of 5000 dollars to grow to 8300 dollars at an interest rate of 7.5 percent per year, compounded quarterly.
<pre>Use the FV formula: {{{matrix(6,3, A, "=", P(1 + i/m)^(mt), "8,300", "=", "5,000"(1 + .075/4)^(4t), "8,300"/"5,000", "=", (1 + .01875)^(4t), 83/50, "=", 1.01875^(4t), 4t, "=", log (1.01875, (83/50)), t, "=", (log ((83/50))/log((1.01875)))/4)}}}
t or time required is: {{{highlight_green(matrix(1,2, 6.820724091, years))}}}