Wednesday, May 21, 2014

find out how long it take $2500 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year. use the formula A=P(1+r/n)^nt

5000=2500%281%2B0.09%2F4%29%5E%284%2At%29
2=%281.0225%29%5E%284t%29
ln2=4t%2Aln1.0225
t=7.8
Posted by at
Labels: , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)