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If you deposit $5000 into an account paying 8.25% annual interest account compounded semi annually how long until there is $9350 in the account

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madethisfortwitch1

Answer:

7.742562897 years

Step-by-step explanation:

[tex]9350=5000(1+\frac{.0825}{2})^{2t}\\9350=5000(1.04125)^{2t}\\1.87=1.04125^{2t}\\\log_{1.04125}1.87=2t\\\log_{1.04125}1.87=\frac{\log1.87}{\log1.04125}=15.48512579\\15.48512579=2t\\t=7.742562897[/tex]

I will leave you to round the answer

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