Ask a New Question

A person invests 8000 dollars in a bank. The bank pays 6.5% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10500 dollars?

2 answers

no steps, just the usual formula:

8000(1 + 0.065/4)^(4x) = 10500

4.2175 rounded to 4.2

Ask a New Question or answer this question.

Similar Questions

Two friends decide to invest some money. Paul invests R 1 500 every 3 months into a bank that pays 10% p.a. interest every
1. 1 answer
First bank pays 7 percent simple interest on its investment accounts. If second bank pays interest on its accounts compounded
1. 4 answers
Cynthia invests some money in a bank which pays 5% compound interest per year.She wants it to be worth over £8000 at the end of
1. 1 answer
First Simple Bank pays 6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts
1. 1 answer

more similar questions