Answered

Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

How+long+will+it+take+for+$2900+to+grow+to+$25,600+at+an+interest+rate+of+10.4%+if+the+interest+is+compounded+quarterly?+round+the+number+of+years+to+the+nearest+hundredth.+group+of+answer+choices

Sagot :

The number of years to the nearest hundredth is t = 21 years and 3 months.

What is compound interest?

It is defined as the interest on the principal value or deposit and the interest which is gained on the principal value in the previous year.

We can calculate the compound interest using the below formula:

[tex]\rm A = P(1+\dfrac{r}{n})^{nt}[/tex]

Where A = Final amount

          P = Principal amount

          r  = annual rate of interest

          n = how many times interest is compounded per year

          t = How long the money is deposited or borrowed (in years)

It is given that:

A = $25,600

P = $29,00

r = 10.4 = 0.104

n = 4

[tex]\rm 25600 = 2900(1+\dfrac{0.104}{4})^{4t}[/tex]

After solving:

t = 21.212 years

Or

t = 21 years and 3 months

Thus, the number of years to the nearest hundredth is t = 21 years and 3 months.

Learn more about the compound interest here:

brainly.com/question/26457073

#SPJ4

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.