An investment compounds quarterly, or 4 times a year, and has a published annual interest rate of 3.4% The initial investment is $⁢8,000 Which equation can the investor use to find out how long it will take for the value to reach $⁢8.276⁢.28 ?

Use the compound interest formula A = P(1 + r/n)^(nt), where P is the initial investment, r is the annual rate as a decimal, and n is the number of compounding periods per year. Substitute A = 8,276.28, P = 8,000, r = 0.034, and n = 4 to get 8,276.28 = 8,000(1 + 0.034/4)^(4t). This is choice C.

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