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Regular quarterly payments of $600 were deposited into an account paying 3.29% interest,
compounded quarterly. If the final value of the account is $60 000, for how long was the money
invested?

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Answer:

Step-by-step explanation:

We can set up an equation

(x is time, which we are solving for)

600x +0.0329x = 60,000

600.0329x =60,000 we can divide both sides by 600.0329

x = 99.99 (quarters)

divide that by 4 and you get about 25 years

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