WallisS470291 WallisS470291

30-10-2022
Mathematics

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How long will it take for $4700 compounded semiannually at anannual rate of 1.5% to amount to $6200?

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LaniyahC552025 LaniyahC552025

30-10-2022

Given:

[tex]A=\text{ \$6200 ; P= \$4700 ;R=1.5\%}[/tex][tex]A=P(1+\frac{R}{n})^{nt}[/tex][tex]6200=4700(1+\frac{0.015}{2})^{2t}[/tex][tex]\frac{6200}{4700}=(2.015)^{2t}[/tex][tex]t=18.5[/tex]

It takes 18 years and 6 months to reach the amount $6200

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