An investment has an annual interest rate of 3.6% and is compounded monthly. One investor starts with $⁢45,000 , and an adviser recommends reviewing the investment when the value reaches $⁢46,229.68 Which equation can the investor use to find the length of time before the account grows to this amount?

Use the compound-interest formula A = P(1 + r/n)^(nt), where P is the starting amount, r is the annual rate, and n is the number of compounding periods per year. Here, P = 45,000, r = 0.036, and monthly compounding means n = 12, so the equation is 46,229.68 = 45,000(1 + 0.036/12)^(12t). This is choice A.

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