Solve the Problem $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$

question 186

Multiple Choice

Solve the problem.
-Find out how long it takes a $3000 investment to earn $300 interest if it is invested at 8% compounded quarterly. Round to the nearest tenth of a year. Use the formulala $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$

• A)1.4 yr
• B)1.6 yr
• C)1.2 yr
• D)1 yr

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