Ask Question
6 April, 07:56

Oliver's grandfather invested $150 at 5% interest compounded quarterly. When Oliver inherited it, the amount was $6000. For how many years had the $150 been invested?

+1
Answers (1)
  1. 6 April, 08:47
    0
    0.05/4=1.25% quarterly interest

    6000=150 (1+0.0125) ^n, n = number of quarters

    (1+0.0125) ^n=6000/150=40

    n log (1.0125) = log 40

    n=296.95 quarters

    number of years=n/4=74.23 years.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Oliver's grandfather invested $150 at 5% interest compounded quarterly. When Oliver inherited it, the amount was $6000. For how many years ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers