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22 May 2021
Sophie invests $12 000 at an interest rate of 3.8%, compounded quarterly (four times per year). How long will it take for Sophie’s investment to reach $30 000? Express your answer in years, correct to 1 decimal place.
Use the following formula: 
where A = the amount of the investment, P = the original
amount invested (the principal), r = the interest rate (in decimal form), n = the number of compounding periods t = the number of years the principal is invested for
Sophie invests $12 000 at an interest rate of 3.8%, compounded quarterly (four times per year). How long will it take for Sophie’s investment to reach $30 000? Express your answer in years, correct to 1 decimal place.
Use the following formula: where A = the amount of the investment, P = the original
amount invested (the principal), r = the interest rate (in decimal form), n = the number of compounding periods t = the number of years the principal is invested for
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heroatrangiLv10
22 May 2021
