Use the Formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$

question 61

Multiple Choice

Use the formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$
- $\$ 3500$ is invested at $5 \%$ compounded quarterly. In how many years will the account have grown to $\$ 8000$ ? Round to the nearest tenth of a year.

• A) \(22.0 \mathrm { yr }\)
• B) \(16.6 \mathrm { yr }\)
• C) \(1.2 \mathrm { yr }\)
• D) \(16.9 \mathrm { yr }\)

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