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

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To determine how long it takes for $5,000 to grow to $7,500 at 8% interest, both compounded semiannually and continuously, the relevant formulas are A=P(1+r/m)^(mt) for compound interest and A=Pe^(rt) for continuous compounding. The discussion highlights the importance of showing calculations and results to receive accurate assistance. Without specific details on the calculations attempted or the textbook's answer, it's challenging for others to provide help. Clarifying these points would enable more effective guidance on achieving the correct answer. Accurate application of the formulas is essential for resolving the investment growth question.
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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!
 
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Plug into&chug out of the formula given in your textbook.
 
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. :(
 
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!
 

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