Solve.
-How long will it take for $7600 to grow to $23,400 at an interest rate of 2.1% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.
A) 53.69 yr
B) 214.77 yr
C) 147 yr
D) 54.11 yr

Question

Quizplus · Accepted Answer

To find the time, use the compound interest formula: $ A = P(1 + \frac{r}{n})^{nt} $. Here, $ A = 23400 $, $ P = 7600 $, $ r = 0.021 $, and $ n = 4 $. Solving for $ t $, we get $ t \approx 53.69 $ years.

Solve. -How Long Will It Take for $7600 to Grow to to $23,400