Answer:
3.8 months
Step-by-step explanation:
Question: Anthony invested $36,000 in an account paying an interest rate of 5.3% compounded
quarterly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $51,800?
First step! What is 5.3% of 36k?
1,908
Second Step! Divide
51,800/1,908= 27.1488469602
Third Step! Round
27.1488469602= 27.1
27.1 weeks.
7 weeks in a month.
12 months in a year.
27.1/7= 3.8
3.8 months
