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LUCKY_DIMON [66]
3 years ago
11

10 points

Mathematics
1 answer:
fiasKO [112]3 years ago
8 0

Answer:

5

Step-by-step explanation:

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Find how many years it would take for an investment of $3700 to grow to $6000 at an annual interest rate of 6.2% compounded semi
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Step-by-step explanation:

The future value formula for the value of a principal P invested at annual rate r compounded n times yearly for t years is ...

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For the given numbers, we want to find t:

  6000 = 3700(1 +.062/2)^(2t)

Dividing by 3700 and taking the logarithm, we get ...

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Dividing by the coefficient of t gives ...

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