Oliver's grandfather invested $150 at 5% interest compounded quarterly. When Oliver inherited it, the amount was $6000. For how

Question

julsineya [31]

3 years ago

15

Oliver's grandfather invested $150 at 5% interest compounded quarterly. When Oliver inherited it, the amount was $6000. For how

many years had the $150 been invested?

Mathematics

1 answer:

madam [21] · Answer 1 · 2022-08-18T09:29:59+03:00

madam [21]3 years ago

6 0

<span>0.05/4=1.25% quarterly interest
6000=150(1+0.0125)^n , n= number of quarters
(1+0.0125)^n=6000/150=40
n log (1.0125)=log 40
n=296.95 quarters
number of years=n/4=74.23 years. </span>