Multiple Choice
Solve the problem.
-An investment of P dollars is deposited in a savings account that is compounded quarterly with an annual interest rate of r, where r is expressed as a decimal. The amount of money A in the account after t years is given by A = P 
. Use this equation to determine the time it takes for an investment of $10,000 to increase to $12,000 if it is placed in an account that is compounded quarterly with an annual interest rate of 1.6%. Round to the nearest tenth.
A) 9.6 years
B) 11.4 years
C) 45.7 years
D) 2.9 years
Correct Answer:
Verified
Correct Answer:
Verified
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