I really need help
A person opens up a savings account that pays 4% interest compounded quarterly. The person makes deposits every three months, including the initial deposit of $200 each. How many years will it take for the account to reach $30,000?
For this question, I use the formula A=P(1+r/n)^nt
and I keep gettinng the answer 129, but its not one of my choices!
The formula you were using is for a single amount of money, but you said there were deposits every three months.
That makes it an annuity
Furthermore, you have to know what the value of the deposits was.
so....
not enough information