Ask Question
16 April, 13:59

Jimmy invests $15,000 in an account that pays 8.90% compounded quarterly. How long (in years and months) will it take for his investment to reach $22,000?

+2
Answers (1)
  1. 16 April, 15:50
    0
    22000=15000 (1+.089/4) ^4t

    22/15 = (1.02225) ^4t

    log (22/15) = 4tlog1.02225

    (log (22/15) / 4log1.02225) = t

    (.16633/.038228) = t

    t=4.35 years or 4 years and approximately 4 months
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jimmy invests $15,000 in an account that pays 8.90% compounded quarterly. How long (in years and months) will it take for his investment to ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers