Averie invested $3,950 into an account that earns 6.38% interest compounded quarterly. How long will it...

 

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Averie invested $3,950 into an account that earns 6.38% interest compounded quarterly. How long will it take (in years and days) to accumulate to $8,730. (1 year = 365 days) Days are rounded up to the next days (e.g. 17.2 days becomes 18 days). Do not enter 365 days (e.g. 7 years 365 days, must be entered as 8 years 0 days). If years is a whole number, you must enter a zero for days for the answer to be marked as correct. All answer boxes must have an entry! P/Y = PV = $ Years = C/Y = PMT = $ 00 Days = I/Y = FV = $ Averie invested $3,950 into an account that earns 6.38% interest compounded quarterly. How long will it take (in years and days) to accumulate to $8,730. (1 year = 365 days) Days are rounded up to the next days (e.g. 17.2 days becomes 18 days). Do not enter 365 days (e.g. 7 years 365 days, must be entered as 8 years 0 days). If years is a whole number, you must enter a zero for days for the answer to be marked as correct. All answer boxes must have an entry! P/Y = PV = $ Years = C/Y = PMT = $ 00 Days = I/Y = FV = $

Answer rating: 100% (QA)

To solve this problem we can use the compound interest formula FV PV times left1 fracrn ightn times ... View the full answer