$8953 is deposited into a savings account at 10% interest, compounded quarterly. To the nearest year, how long will it take for the account balance to reach $1,000,000? A) 48 years D) 67 years B) 43 years C) 33 years
$8953 is deposited into a savings account at 10% interest, compounded quarterly. To the nearest year, how long will it take for the account balance to reach $1,000,000? A) 48 years D) 67 years B) 43 years C) 33 years
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Transcribed Image Text:The problem presented involves a financial calculation with the following details:
**Problem Statement:**
An amount of $8,953 is deposited into a savings account with an interest rate of 10%, compounded quarterly. The question asks how long it will take, to the nearest year, for the account balance to reach $1,000,000.
**Options:**
A) 48 years
B) 43 years
C) 33 years
D) 67 years
This is a compound interest problem where the goal is to determine the number of years needed to reach a specified future balance.
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