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math

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how long will it take $5000 to grow to$8000 if it is invested at 5% compounded quarterly?

  • math - ,

    5000(1+.05/4)^q = 8000
    1.0125^q = 1.6
    q = ln 1.6 / ln 1.0125
    q = 37.8
    or
    38 quarters = 9.5 years

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