5
QuizMultiple Choice

Banking — Test

Question 5 • Financial Math

A customer invests $⁢18,000 in a certificate of deposit. It compounds 4.2% interest monthly and has a final value of $⁢21,286.61 Write an exponential equation and use a graphing calculator to find x , the time in years it will take to reach this amount. Round to the nearest whole number if necessary.

Answer
A
2 years
B
5 years
C
4 years
D
3 years
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A customer invests $⁢18,000 in a certificate of…