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

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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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