Solve the problem.
-Find out how long it takes a $\$ 2700$ investment to earn $\$ 300$ interest if it is invested at $7 \%$ compounded quarterly. Round to the nearest tenth of a year. Use the formula $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { n } t }$.
A) $1.5$ years
B) $1.7$ years
C) $1.3$ years
D) $1.9$ years

Question

Quizplus · Accepted Answer

The correct answer is A because $ 2700 \left( 1 + \frac { 0.07 } { 4 } \right) ^ { 4 t } = 3000 $ gives $ t = 1.5 $ years.

Solve the Problem $2700\$ 2700$2700 Investment to Earn $300\$ 300$300 Interest If It Is Invested At

Solve the Problem $\$ 2700$ Investment to Earn $\$ 300$ Interest If It Is Invested At