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Jess and Oscar have $200,000 to invest in a savings account that pays 2.875% interest compounded quarterly. How many years will it take for the account to earn $30,000 in interest? Round your answer to the nearest tenth of a year.

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hhalmararr

Answer:

Principle = 200,000

Rate = 2.875% aka 0.02875

Method of compounded = quarterly aka 4.

Future interest

200,00 - 200,000(1 + 0.02875/4)^4n > 30,000

200,000(compound) represents the future value

-200,000 allows for interest gained

solve using logarithims

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