Jimmy invest $16,000 in an account that pays 7.03% compounded quarterly. how long (in years and months) will it take for his investment to reach $23,000?

To solve this we are going to use the compound interest formula 
where:
is the investment
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the time in years
is the amount after  years 

First, lets convert the interest rate to decimal dividing it by 100%:

Next, lets find . Since we know that the interest is compounded every 4 months (quarterly), it will be compounded times in a year, so .
We also know that  and , so lets replace all the quantities into our compound interest formula:



Notice that the the number of years  is in the exponent, so we have to use logarithms to bring it down. But first lets divide both sides by 16000 to isolate the  exponential expression:






Now that we know , the last thing to do is convert 0.43 years to months:


We can conclude that Jimmy's investment will take 6 years and 5 months to reach $25,000.

The correct awnser is 29.76 pounds.

Ithink it is b and d