Find the time required for an investment of 5000 dollars to grow to 6400 dollars at...

Find the time required for an investment of 5000 dollars to grow to 6400 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places.

Your answer is t= ________ years.

Expert Solution

Calculations-

Where,

Rate = Periodic Interest rate

Nper = No. of periods

pmt = periodic payments

PV= Amount Invested

FV = Future value of amount invested

Type= 0 if the amount paid at the end of period,1 if paid at the beginning.

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jeff jeffy answered 2 years ago

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