whitewingeddemon
New member
- Apr 26, 2010
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It's a multiple choice question but I am having a lot of trouble finding the answer.
Find out how long it takes a $2600 investment to earn $300 interest if it is invested at 8% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1 + r/n)^nt. In other words, P=2600 and A= 2600 + 300=2900.
A)1.2 Years
B)1.8 Years
C)1.4 Years
D)1.6 Years
Please, please, PLEASE explain how to get the answer.
Find out how long it takes a $2600 investment to earn $300 interest if it is invested at 8% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1 + r/n)^nt. In other words, P=2600 and A= 2600 + 300=2900.
A)1.2 Years
B)1.8 Years
C)1.4 Years
D)1.6 Years
Please, please, PLEASE explain how to get the answer.