Compute the compound interest.
-How long will it take for $\$ 3300$ to grow to $\$ 14,800$ at an interest rate of $4.1 \%$ if the interest is compounded quarterly? Round the number of years to the nearest hundredth.
A) $109.95 \mathrm{yr}$
B) $37.35 \mathrm{yr}$
C) $36.79 \mathrm{yr}$
D) $147.16 \mathrm{yr}$

Question

Quizplus · Accepted Answer

The formula for compound interest is $A = P(1 + \frac{r}{n})^{nt}$. Solving for $t$, we have $t = \frac{\log(\frac{A}{P})}{n \log(1 + \frac{r}{n})}$. Substituting $A = 14800$, $P = 3300$, $r = 0.041$, and $n = 4$, we find $t \approx 36.79$ years.

Compute the Compound Interest $3300\$ 3300$3300 To Grow To $14,800\$ 14,800$14,800 At an Interest Rate Of

Compute the Compound Interest $\$ 3300$ To Grow To $\$ 14,800$ At an Interest Rate Of