Anthony invested $36,000 in an account paying an interest rate of 5.3% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $51,800?

How rich is anthony

Step-by-step explanation:

3.8 months

Step-by-step explanation:

Question: Anthony invested $36,000 in an account paying an interest rate of 5.3% compounded

quarterly. Assuming no deposits or withdrawals are made, how long would it take, to

the nearest year, for the value of the account to reach $51,800?

First step! What is 5.3% of 36k?

1,908

Second Step! Divide

51,800/1,908= 27.1488469602

Third Step! Round

27.1488469602= 27.1

27.1 weeks.

7 weeks in a month.

12 months in a year.

27.1/7= 3.8

3.8 months