Solve the Problem $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$

Multiple Choice

Solve the problem.
-Find out how long it takes a $3000 investment to earn $300 interest if it is invested at 8% compounded quarterly. Round to the nearest tenth of a year. Use the formulala $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$

A) 1.4 yr
B) 1.6 yr
C) 1.2 yr
D) 1 yr