Question

Beth invests $3,922 in a retirement account with a fixed annual interest rate of 7%

compounded 3 times per year. How long will it take for the account balance to reach
$15,650.74?

Answer 1

19 years

Explanation:

Okay so $3,922 is to total amount and the annual rate (1 year) and your saying it’s for 3 years so u have 21% now then u take $3922 and take 21% out of it which equals 823.62 so that’s ur total amount for the year now u divide that by the amount u want to reach which is $15,650.44 with the $823.62 and you get 19 so that means in 19 years u would have $15,650.44

Hope this helps!