Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Jess and Oscar have $200,000 to invest in a savings account that pays 2.875% interest compounded quarterly. How many years will it take for the account to earn $30,000 in interest? Round your answer to the nearest tenth of a year.

Sagot :

hhalmararr

Answer:

Principle = 200,000

Rate = 2.875% aka 0.02875

Method of compounded = quarterly aka 4.

Future interest

200,00 - 200,000(1 + 0.02875/4)^4n > 30,000

200,000(compound) represents the future value

-200,000 allows for interest gained

solve using logarithims

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.