Solve the problem.
-An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P . Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.
A) 9.6 years
B) 11.4 years
C) 45.7 years
D) 2.9 years

Question

Solve the problem.
-An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P  . Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.
A) 9.6 years 
B) 11.4 years 
C) 45.7 years 
D) 2.9 years

Quizplus · Accepted Answer

The Answer of Solve the problem.
-An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P  . Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.
A) 9.6 years 
B) 11.4 years 
C) 45.7 years 
D) 2.9 years

Solve the Problem. -An Investment of P Dollars Is Deposited in a Savings