Aperson invests 6500 dollars in a bank. the bank pays 6.25% interest compounded semi-annually. to the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 9000 dollars?

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  and solve for t

applying log both sides

the answer to this in exact form is 4/35 but in decimal form its 0.1142857

hope this if needed hmu

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