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Jimmy invests $18,000 in an account that pays 5.85% compounded quarterly. How long (in years and months) will it take his investment to reach $25,000?

Jimmy invests $18,000 in an account that pays 5.85% compounded quarterly. How long (in years and months) will it take his investment to reach $25,000?
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Jimmy invests $18,000 in an account that pays 5.85% compounded quarterly. How long (in years and months) will it take his investment to reach $25,000?

asked
User Sablefoste
by
8.5k points

1 Answer

4 votes

Answer:

2 years one month

Explanation:

making average 3g annually so I'd say 2 years 1 month

answered
User Aman Bhardwaj
by
7.5k points
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