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college algebra

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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 - ,

    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 - ,

    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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