Register

Jess and Oscar have $200,000 to invest in a savings account that pays 2.875% interest compounded quarterly. How many years will it take for the account to earn $30,000 in intere…

Jess and Oscar have $200,000 to invest in a savings account that pays 2.875% interest compounded quarterly. How many years will it take for the account to earn $30,000 in intere…
216k views
2 votes
Jess and Oscar have $200,000 to invest in a savings account that pays 2.875% interest compounded quarterly. How many years will it take for the account to earn $30,000 in interest? Round your answer to the nearest tenth of a year.

User Alexander Ejbekov
by
7.9k points

1 Answer

4 votes

Answer:

It would approximately 4.9 years.

User Renatodamas
by
8.2k points
← Prev Question Next Question →

Related questions

User Buhake Sindi
asked Feb 3, 2024 135k views
Which of the following expresses (3/16) as a percent? A) 0.1875% B) 1.875% C) 5.33% D) 18.75%
Buhake Sindi asked Feb 3, 2024
by Buhake Sindi
8.2k points
2 answers
3 votes
135k views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!