Jack has $600 in his savings account today. He earns interest at 3.2% p.a. compounded quarterly....

   

Transcribed Image Text:

Jack has $600 in his savings account today. He earns interest at 3.2% p.a. compounded quarterly. He leaves the money in the account and does not make another deposit. He needs n years to earn $1200 total interest. 1. Which of the following equations can be used to find n? (1 mark) 01800=600*(1+0.032/4)^4n 01800-600*(1+0.032)^n 01200=600*(1+0.032/4)^n 01800=600*(1+0.032/4)^n 01200=600*(1+0.032/4)^4n 01200=600*(1+0.032)^n 2. Calculate n. (1 mark) (Round your answer to 2 decimal places. Do not include units like "years" or "months". Do not use comma separators. For example, 1234.56 would be the correct format.) Jack has $600 in his savings account today. He earns interest at 3.2% p.a. compounded quarterly. He leaves the money in the account and does not make another deposit. He needs n years to earn $1200 total interest. 1. Which of the following equations can be used to find n? (1 mark) 01800=600*(1+0.032/4)^4n 01800-600*(1+0.032)^n 01200=600*(1+0.032/4)^n 01800=600*(1+0.032/4)^n 01200=600*(1+0.032/4)^4n 01200=600*(1+0.032)^n 2. Calculate n. (1 mark) (Round your answer to 2 decimal places. Do not include units like "years" or "months". Do not use comma separators. For example, 1234.56 would be the correct format.)

Answer rating: 100% (QA)

1 012006001003244n 2 800 Here are the stepbystep workings ... View the full answer