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Carina
Carina asked in Science & MathematicsMathematics · 8 years ago

Nancy wants to invest $4000 in saving certificates that bear an interest rate of 9.75% per year, compounded se?

Nancy wants to invest $4000 in saving certificates that bear an interest rate of 9.75% per year, compounded semiannually. How long a time period should she choose to save an amount of $5000? (Round your answer to two decimal places.) Please give the answer in years.

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  • AskJoe
    Lv 7
    8 years ago
    Favorite Answer

    4,000 to 5,000

    term = 27.575 months

    :)

  • MM18
    8 years ago

    use formula for compund interest

    A=5000 n=? r=9.75 P=4000

    so 5000=4000(1+9.75/100)^n

    calculate and u should get the number of years ...

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