Posted by **kate** on Saturday, October 15, 2011 at 10:10pm.

how long will it take an investment of $5000 to grow to $8000 if it is invested at 7.8% per year compounded weekly?

- college algebra -
**Reiny**, Saturday, October 15, 2011 at 10:36pm
assuming 52 weeks per year

i = .078/52 = .0015

5000(1.0015)^n= 8000

1.0015^n = 1.6

log (1.0015^n) = log 1.6

nlog1.0015 = log 1.6

n = log1.6/log1.0015 = 316.57 monts

= 6.03 years

it would take 6 years

- college algebra -
**george**, Saturday, July 2, 2016 at 5:26pm
Suppose that $5,000 is invested in an account at an annual interest rate of 5.1%

compounded continuously. How long (to the nearest tenth of a year) will it take for

the investment to double in size?

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