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An investment of P dollars is deposited in a savings account that is compounded quarterly with an ...

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An investment of P dollars is deposited in a savings account that is compounded quarterly with an ...

An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P (1 + r/4)^4t. Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.

▸ 2.9 years

▸ 9.6 years

▸ 45.7 years

▸ 11.4 years

Textbook

Calculus: Early Transcendentals

Edition: 3^rd

Authors: Briggs, Cochran, Gillett, Schulz

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