What are the steps to 6023 x 854
2 answers:
You might be interested in
Answer:
3.25 years (nearest hundredth)
Step-by-step explanation:
<u>Compound Interest Formula</u>
where:
- A = final amount
- P = principal amount
- r = interest rate (in decimal form)
- n = number of times interest applied per time period
- t = number of time periods elapsed
Given:
- A = $4916
- P = $4000
- r = 6.4% = 0.064
- n = 4 (quarterly)
Substitute the given values into the formula and solve for t:
Therefore, it will take 3.25 years (nearest hundredth) for the account to grow to $4916.
Learn more about compound interest here: