Question

A person invests 2000 dollars in a bank. The bank pays 4.75% interest compounded

quarterly. To the nearest tenth of a year, how long must the person leave the money
in the bank until it reaches 3500 dollars?
A = P(1 + + ?.)nt
n
00
Answer:
Submit Answer

Answer 1

t = 2.7

Explanation:

1. Use formula provided

2. A = 3500 B = 2000 r = 4.75 n = 12months/4 = 3 months t = ?

3. Solve

3500=2000(1+4.75/3)^3t

3t=logbase(31/12)*1500

t=logbase(31/12)*1500 / 3

t ≅2.568

Answer 2

Answer:11.9

Explanation: