Semiannually compound interest

If you deposit $ 5,000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account?

Correct answer:

t =  96 m

Step-by-step explanation:

p=8.25%=1008.25=0.0825 i=1+p/2=1+40033/2=8008331.0413  5000  in = 9350  in = 9350/5000  n log i = log 9350/5000  n=logilog(9350/5000)=log1.0413log(9350/5000)15.4851 n1=n=15.4851=16  t=12/2 n1=12/2 16=96 m

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