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How long will it take for a $5000 investment to grow to $ 7945 at an annual rate of 8.6%, compounded semiannually? Assume
that no withdrawals are made.
Do not round any intermediate computations, and round your answer to the nearest hundredth.

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Respuesta :

madethisfortwitch1

Answer:

5.5 years

Step-by-step explanation:

Compound interest formula:

[tex]AV=PV(1+\frac{i}{n})^{n*t}\\7945=5000(1+\frac{.086}{2})^{2t}\\1.589=1.043^{2t}\\log_{1.043}1.589=2t\\10.9998=2t\\5.5=t[/tex]

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