An investor is putting $12,000 into a certificate of deposit that compounds interest quarterly, or 4 times a year. The rate is 2.4% , and the account balance at the end will be $12,438.53 Which equation can the investor use to determine the length of time for this investment?
Answer
A
12 comma 438 point 5 3 is equal to 12 comma 000 times open paren 1 plus 0 point 0 2 4 over 4 close paren raised to the 4 t power
B
12 comma 000 is equal to 12 comma 438 point 5 3 times open paren 1 plus 0 point 0 2 4 over 4 close paren to the t th power
C
12 comma 438 point 5 3 is equal to 12 comma 000 times open paren 1 plus 0 point 0 2 4 over 4 close paren to the t th power
D
12 comma 000 is equal to 12 comma 438 point 5 3 times open paren 1 plus 0 point 0 2 4 over 4 close paren raised to the 4 t power