Mathematics: How long will it take for $7000 investment to grow to $7553 and the annual rate of 3.4% compounded quarterly assume that no withdrawals are made

9 1/2 ounces Step-by-step explanation:76÷8=9 4/8= 9 1/2 ounces...

How long will it take for $7000 investment to grow

fri90

10.01.2022

$t=2.25\ years$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=?\ years\\ P=\$7,000\\ r=0.034\\n=4\\A=\$7,553$

substitute in the formula above

$7,553=7,000(1+\frac{0.034}{4})^{4t}$

solve for t

$(7,553/7,000)=(1.0085)^{4t}$

$(1.079)=(1.0085)^{4t}$

Applying log both sides

$log(1.079)=log[(1.0085)^{4t}]$

log(1.079)=(4t)log(1.0085)

t=log(1.079)=[(4)log(1.0085)]

$t=2.25\ years$

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