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Question

When interest is compounded quarterly (4 times a year) at an annual rate of 6%, the rate of interest for each quarter is $\frac{0.06}{4}$, and the number of times that interest is added in t years is 4t. After how many years will an investment of $100 compounded quarterly at 6% annually be worth at least$450? (Use the formula $A_n=A_0\left(1+\frac{r}{n}\right)^{n t}$.)

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

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1 of 13The goal of this task is to solve for the years $t$ needed for the acquired amount to reach at least $A_n=\$450$ with a principal amount of $A_0=\$100$ with a rate of $r=0.06$ interest compounded quarterly.

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