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skad [1K]
4 years ago
14

Approximately how many years would it take for a $10,000 investment, with an 8% interest per annum, to reach $14,800 if the inte

rest is compounded quarterly?
Mathematics
1 answer:
bezimeni [28]4 years ago
5 0

You would do:


t = time in years


14,800 = 10,000(1+0.08/4)^4t


1.48 = 1.02^4t


log_1.02(1.48) / 4 = t


((log 1.48)/ (log 1.02))/4 = t


t ~ 4,949 years

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