Use the Formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$

Multiple Choice

Use the formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$
- $\$ 3500$ is invested at $5 \%$ compounded quarterly. In how many years will the account have grown to $\$ 8000$ ? Round to the nearest tenth of a year.

A) $22.0 \mathrm { yr }$
B) $16.6 \mathrm { yr }$
C) $1.2 \mathrm { yr }$
D) $16.9 \mathrm { yr }$