EscA person opens up a savings account that pays 4% interest compounded quarterly. The person makes deposits every threemonths, including the initial deposit, of $200 each. How many years will it take for the account to reach $30,000?FI!7O 25 years27 yearsOO 24 years30 yearsQAF2-0-@2WSF33EF4D4$4FSRQ SearchBF%5F6TBGF76YBF8&7HUFO*N8JF10120(9KMF11O)0F12L-PPrt Sc;?Backspace12:01 F47/17/201

number of years to reach $30000.let,number of years would be N.given :initial deposit, P0 =…

Answered: A person opens up a savings account…

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter3: Solving Equation And Problems

Section3.5: Equations With The Variable On Both Sides

Problem 4P

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A person opens up a savings account that pays 4% interest compounded quarterly. The person makes deposits every three months, including the initial deposit, of $200 each. How many years will it take for the account to reach $30,000? 25 years 27 years 24 years 30 years