Suppose $2200 is invested in an account that offers 8% compounded half-yearly. How long will it take for the initial investment to reach $3200? (correct the answer to two decimal places) O 4.72 ycars O 4.78 years O 4.85 years O 4.83 years

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
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Suppose $2200 is invested in an account that offers 8%
compounded half-yearly. How long will it take for the initial
investment to reach $3200? (correct the answer to two decimal
places)
O 4.72 years
4.78 years
4.85 years
O 4.83 years
Transcribed Image Text:Suppose $2200 is invested in an account that offers 8% compounded half-yearly. How long will it take for the initial investment to reach $3200? (correct the answer to two decimal places) O 4.72 years 4.78 years 4.85 years O 4.83 years
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