Question Part Points Submissions Used Find the time required for an investment


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Question Part
Points
Submissions Used
Find the time required for an investment of $5000 to grow to $7000 at an interest rate of 6.5% per year, compounded quarterly. (Round your answer to two decimal places.)

 yr

Jul 17th, 2015

Thank you for the opportunity to help you with your question!

A= P* (1+r/4) ^n

7000 = 5000 * (1+0.065/4)^n

n = 5.22 years

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 17th, 2015

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