John invests $500 in a savings account with a nominal annual interest rate of 10% compounded quarterly. How many years will it take for the investment to reach $1000? Round to the nearest tenth. If you

Caspar Kleijne asked Dec 20, 2023

351,565 views

36 votes

Caspar Kleijne asked Dec 20, 2023

3.0k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

14 votes

It will take 10 years for the investment to reach $1,000.

Sure hope this helps you

Vkv answered Dec 25, 2023

by Vkv

3.0k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers