Jacques deposited $1,900 into an account that earns 4% interest compounded semiannually. after t years, jacques has $3,875.79 in the account. assuming he made no additional deposits or withdrawals, how long was the money in the account?

compound interest formula: mc007-1.jpg

t = years since initial deposit
n = number of times compounded per year
r = annual interest rate (as a decimal)
p = initial (principal) investment
v(t) = value of investment after t years

2 years
9 years
18 years
36 years

Option 3 is correct. After 18 years the amount will $3,875.79.

Step-by-step explanation:

The compound interest formula is

Where, t = years since initial deposit

n = number of times compounded per year

r = annual interest rate (as a decimal)

P = initial (principal) investment

V(t) = value of investment after t years.

The initial amount is $1,900. Interest rate is 4% and interest compounded semiannually. It means interest compounded 2 times in a year. The amount after t years is  $3,875.79.

After 18 years the amount will $3,875.79.

Therefore the option 3 is correct.

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step-by-step explanation: