How long will it take for $5500 to grow to $22000 at 3% annual interest rate compounded quarterly?
+128597 We have
22000 = 5000(1 + .03/4)^(4t) divide both sides by 5000
22/5 = (1.0075)^(4t) take the log of both sides
log(22/5) = log(1.0075)^(4t) and we can write
log(4.4) = (4t)*log(1.0075) divide both sides by log(1.0075)
log(4.4)/log(1.0075) = 4t divide both sides by 4
log(4.4) / [4*log(1.0075) = t ≈ 49.6 years
+66 Just did this last week. You take the anual interest formula
A(t)=a(1+r)^t and insert ur variables. 5500(1+.03)^t
t equals time so do the guess and check method to figure it out.
actually no. subracy 5500 from 22000 and then figure it out. ur
equation should look like this 16500(1+.03)^t and do guess and check.
If anybody knows any better methods write em down. im still a newbi at
this.
+128597 We have
22000 = 5000(1 + .03/4)^(4t) divide both sides by 5000
22/5 = (1.0075)^(4t) take the log of both sides
log(22/5) = log(1.0075)^(4t) and we can write
log(4.4) = (4t)*log(1.0075) divide both sides by log(1.0075)
log(4.4)/log(1.0075) = 4t divide both sides by 4
log(4.4) / [4*log(1.0075) = t ≈ 49.6 years
