YanelyE92269 YanelyE92269

29-10-2022
Mathematics

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Goran deposited $3000 into an account with a 10% annual interest rate, compounded quarterly. Assuming that no withdrawals are made, how long will ittake for the investment to grow to $3393?Do not round any intermediate computations, and round your answer to the nearest hundredth.

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LeonE592928 LeonE592928

29-10-2022

In order to calculate the amount of time needed, let's use the formula for compound interest:

[tex]P=P_0\cdot(1+\frac{r}{n})^{nt}[/tex]

Where P is the final amount after t years, P0 is the initial amount, r is the interest rate

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