Question

Joe invests $60,000 in an account paying 2.85% annual interest compounded quarterly. How long will it take for his $60,000 to grow to $90,000? less than 14 years between 14 and 14.5 years between 14.5 and 15 years between 15 and 15.5 years more than 15.5 years

Name: joe invests 60000 in an account paying 285 annual interest compounded quarterly how long will it take for his 60000 to grow to 90000 less than 14 years between 14 and 145 years between 145 a 61287
Uploaded: 2024-06-17T14:15:43-08:00
Duration: 1 min 33 s
Channel: Manisha Sarker
Description: joe invests 60000 in an account paying 285 annual interest compounded quarterly how long will it take for his 60000 to grow to 90000 less than 14 years between 14 and 145 years between 145 a 61287

          Joe invests $60,000 in an account paying 2.85% annual interest compounded quarterly. How long will it take for his $60,000 to grow to $90,000?
less than 14 years
between 14 and 14.5 years
between 14.5 and 15 years
between 15 and 15.5 years
more than 15.5 years

joe invests 60000 in an account paying 285 annual interest compounded quarterly how long will it take for his 60000 to grow to 90000 less than 14 years between 14 and 145 years between 145 a 61287

Added by Aaron S.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Manisha Sarker

06/17/2024

Step 1

85% = 0.0285 Number of times interest is compounded per year (n) = 4 (quarterly) Show more…

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Joe invests $60,000 in an account paying 2.85% annual interest compounded quarterly. How long will it take for his $60,000 to grow to $90,000? less than 14 years between 14 and 14.5 years between 14.5 and 15 years between 15 and 15.5 years more than 15.5 years