Question

Suppose you have $23,000 that you are going to invest at a 7% interest rate compounded quarterly. According to the compound interest calculator, how long will it be before you have $78,000? This calculator is provided in the weblinks pod in adobe, in the google slides for this lesson and in the daily folder in buzz. *

0 points
17.6 months
70.4 months
17.6 years
70.4 years

Answer 1

YAAS! I literally learned this just a few weeks ago. (I am not actually a high school senior) First, convert 7% to a decimal, which is 0.07. Then multiply 0.07 by 23,000, giving you 1,610. This is your unit rate. I will though, need you to be more specific on "compounding quarterly" because I actually do not know what that means.