Math  /  Word Problems

QuestionLena deposited \$5000 at a 4.4% annual interest rate, compounded quarterly. How long to grow to \$6000? Round to the nearest hundredth.

Studdy Solution
Now, we can calculate the value of t using a calculator. Remember to use the logarithm base10 (common logarithm).
t3.86t \approx3.86So, it will take approximately3.86 years for Lena's investment to grow to $6000.

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord