Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73. How long did Hector wait to check his balance?   A.  3 years B.  3.5 years C.  4 years D.  4.5 years

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section19.1: Present Value: Measuring The Time Value Of Money
Problem 1QQ
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Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73. How long did Hector wait to check his balance?

 

A.  3 years
B.  3.5 years
C.  4 years
D.  4.5 years
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