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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
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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
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1 Answer

4 votes

Answer:

It would approximately 4.9 years.

User Renatodamas
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