Respuesta :
Answer:
Around 10.6 years
Step-by-step explanation:
5.75% of 4500 is 258.75
then we will need to subtract the current amount from the final amount.
10000-4500=5500
next
5500/258.75=21.256
finally
21.256/2=10.628
The person leaves the money in the bank until it reaches 10000 dollars.
We have given that
A person invests 4500 dollars in a bank.
The bank pays 5.75% interest compounded semi-annually.
Therefore we have,
What is compounded semi-annually?
The principal of a loan or investment at the beginning of the compounding period, in this case, every six months, includes the total interest from each previous period
5.75% of 4500 is 258.75
[tex]=\frac{5.75}{100}\times 4500\\ =258.75[/tex]
Then we will need to subtract the current amount from the final amount.
10000-4500=5500
5500/258.75=21.256
21.256/2=10.628
The person leaves the money in the bank until it reaches 10000 dollars.
To learn more about interest compounded semi-annually visit:
https://brainly.com/question/26875083
