Question

Carrie deposited \$5.288.73 into a savings account with an interest rate of 2.3% compounded quarterly. About how long will it take the be worth $8,000 (5 points )

Answer 1

Is there choices?

Answer 2

like a first step you need calcule what mean this 2,3% quarterly

Answer 3

\[A = P(1 + \frac{ r }{ n })^{nt}\]
where A is the final amount on the account (in our case, we want the final amount to be $8000)
P = the principal ($5.288.73)
n is the # of times compounded per year ("quarterly" so n = 4)
r = interest rate as a decimal (0.023)
t = time
plug in the appropriate quantities and solve for t