Peeta is saving to buy a new oven for his bakery that will cost \$8000. He has \$6,000 to invest at $5 \frac{1}{2} \%$ compounded semi-annually. How long will he need to wait for until he can afford the new oven?
2026-03-27 03:48:20.1774583300
Calculate Interest
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Assuming $5.5\%$ to be the rate of interest per annum
So, after $\frac12$ year, the principal $P$ will become $$P\left(1+\frac12\cdot\frac{5.5}{100}\right)=P\left(1+\frac{11}{400}\right)$$
So, after $n$ $\frac12$ year, the principal $P$ will become $$P\left(1+\frac{11}{400}\right)^n$$
Need to use Logarithm