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27 May, 10:21

Thomas invests $500 in a bank cd. The interest is 2 and it is compounded quarterly. How long will it take before his investment reaches $1000.

A. 30

B. 25

C. 40

D. 35

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Answers (1)
  1. 27 May, 13:38
    0
    compounded quarterly means that

    4*2% (interest) = 8% (for one time) converting to dollar it will be:

    $500-100%.?=$40

    ? - 8%. now we need $500 to reach $1000 so $40*?=500

    ?=12.5 (answer)

    Here you go ... Goodluck,
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Home » Mathematics » Thomas invests $500 in a bank cd. The interest is 2 and it is compounded quarterly. How long will it take before his investment reaches $1000. A. 30 B. 25 C. 40 D. 35
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