Aubree invested $4,400 in an account paying an interest rate of 2.4% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest tenth of a year, for the value of the account to reach $6,880?

We conclude that the time required to get  a total amount of $6,880.00  from compound interest on a principal of $ 4,400.00  at an interest rate of 2.4% per year  and compounded 4 times per year  is 18 years and 8 months.

Step-by-step explanation:

We know the formula

where

Given

Total amount A = $6,880

Principle amount P = $4,400

Interest Rate r =  2.4% = 0.024 per year

Compounded quarterly = n = 4

Thus, the time period can be fetched using  the simplified-derived equation suchs as:

t = ln(A/P) / n[ln(1 + r/n)]

substituting the values

t = ln(6,880.00/4,400.00) / ( 4 × [ln(1 + 0.006/4)] )

t = 18.8 years

Therefore, we conclude that the time required to get  a total amount of $6,880.00  from compound interest on a principal of $ 4,400.00  at an interest rate of 2.4% per year  and compounded 4 times per year  is 18 years and 8 months.

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step-by-step explanation:

justin bieber ml.