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John invests $500 in a savings account with a nominal annual interest rate of 10% compounded quarterly. How many years will it take for the investment to reach $1000? Round to t…

John invests $500 in a savings account with a nominal annual interest rate of 10% compounded quarterly. How many years will it take for the investment to reach $1000? Round to t…
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John invests $500 in a savings account with a nominal annual interest rate of 10% compounded quarterly. How many years will it take for the investment to reach $1000? Round to the nearest tenth. If you solve this asap and correctly you are a true star ;)

asked
User RoboBear
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9.2k points

1 Answer

5 votes

It will take 10 years for the investment to reach $1,000.

Sure hope this helps you

answered
User Brian Spiering
by
7.8k points
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