Using either logarithms or a graphing calculator, find the time required for the initial amount to be at least equal to the final amount. $7000, deposited at 3% compounded quarterly, to reach at least $8000 The time required is year(s). (Type an integer or decimal rounded up to the next quarter.)
Using either logarithms or a graphing calculator, find the time required for the initial amount to be at least equal to the final amount. $7000, deposited at 3% compounded quarterly, to reach at least $8000 The time required is year(s). (Type an integer or decimal rounded up to the next quarter.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![Using either logarithms or a graphing calculator, find the time required for the initial amount to be at least equal to the
final amount.
$7000, deposited at 3% compounded quarterly, to reach at least $8000
...
The time required is year(s).
(Type an integer or decimal rounded up to the next quarter.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F940311b9-5876-4193-b2f2-017f83b935f7%2F827af1b4-4363-475b-9a20-ffa8db32a9cc%2F15sn5is_processed.png&w=3840&q=75)
Transcribed Image Text:Using either logarithms or a graphing calculator, find the time required for the initial amount to be at least equal to the
final amount.
$7000, deposited at 3% compounded quarterly, to reach at least $8000
...
The time required is year(s).
(Type an integer or decimal rounded up to the next quarter.)
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