How long will it take for an investment of 1600 dollars to grow to 7500 dollars, if the nominal rate of interest is 7 percent compounded quarterly? FV = PV(1 + r/n)^ nt Answer = years. (Be sure to give 4 decimal places of accuracy.)

Investment: $1600

Nominal rate of interest: 7% = 0.07

Composition: Quarterly (n = 4)

Final growth: $7500

Then, using the formula:

Now, solving this equation for t:

true

step-by-step explanation:

37/3

step-by-step explanation:

step 1: simplify both sides of the equation.

7x+8(x+

1

4

)=3(6x−9)−8

7x+(8)(x)+(8)(

1

4

)=(3)(6x)+(3)(−9)+−8(distribute)

7x+8x+2=18x+−27+−8

(7x+8x)+(2)=(18x)+(−27+−8)(combine like terms)

15x+2=18x+−35

15x+2=18x−35

tep 2: subtract 18x from both sides.

15x+2−18x=18x−35−18x

−3x+2=−35

step 3: subtract 2 from both sides.

−3x+2−2=−35−2

−3x=−37

step 4: divide both sides by -3.

−3x

−3

=

−37

−3

x=

37

3