Question

Rachel deposits $5960.32 into a savings account with an interest rate of 4.2% compounded twice a year. About how long will it take for the count to be worth $9000

Answer 1

do you know what mean this interest rate of 4,2% compounded twice a year ?

Answer 2

\[A = P(1+\frac{ r }{ n })^{nt}\]
where P is the initial amount ($5960.32)
r is the interest rate as a decimal (0.042)
n is the # of times compounded per year (n = 2, since it says twice a year)
t is time (which you'll solve for)
A is the final amount ($9000)
plug in and solve for t