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The amount of $4,000 is deposited in a bank that pays interest at the rate of 2.4% per year compounded quarterly. Using the compound interest formula, find how many years it would take for the investment to grow to $5,000. (Choose the closest number.) O a) 6.4 years. O b) 7.8 years. O c) 8.6 years. O d) 9.3 years. e) None of these. Dase 1 5of 25

The amount of $4,000 is deposited in a bank that pays interest at the rate of 2.4% per year compounded quarterly. Using the compound interest formula, find how many years it would take for the investment to grow to $5,000. (Choose the closest number.) O a) 6.4 years. O b) 7.8 years. O c) 8.6 years. O d) 9.3 years. e) None of these. Dase 1 5of 25

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The amount of $4,000 is deposited in a bank that pays interest at the rate of 2.4% per year compounded quarterly. Using the compound interest formula, find how many years it would take for the investment to grow to $5,000. (Choose the closest number.) O a) 6.4 years. O b) 7.8 years. c) 8.6 years. O d) 9.3 years. e) None of these. Dese 15of 25 国
Transcribed Image Text:The amount of $4,000 is deposited in a bank that pays interest at the rate of 2.4% per year compounded quarterly. Using the compound interest formula, find how many years it would take for the investment to grow to $5,000. (Choose the closest number.) O a) 6.4 years. O b) 7.8 years. c) 8.6 years. O d) 9.3 years. e) None of these. Dese 15of 25 国
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