Calculating Investment Growth: $5,000 to $7,500 at 8% Interest

[m90210]

How many years (to two decimal places) will it take $5,000 to grow to $7,500 if invested at 8% compounded semiannually? Compounded continuously? Thank you!

 

[arildno]

Plug into&chug out of the formula given in your textbook.

 

[m90210]

simple interest; A=P(1+rt)
compound interest; A=P(1+r/m)^mt
continuous compound interest; A=Pe^rt

I just can't seem to get my answer to match what is in the textbook. :(

 

[HallsofIvy]

You haven't shown us what you did, you haven't told us what answer you got, you haven't told us what the answer in the book was! I don't see how we can help you!