Question

Jessica deposited $2000 into an account with a 7.6% annual interest rate, compared quarterly. Assuming that no withdrawals are made, how long will it take for the investment to grow to $3722?

Answer 1

Explanation:

use

i=prt

i=interest

p= principal value

r=rate

t=time

now you want to find time then it will be

t= i/pr

put values

t= 3722/(2000*7.6%)

t= 2 years

calculation is in fraction but your question given you annual interest so time will also be 2 years not in months