claire invested 2400 in an account paying an interest rate of 3.5% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4490

Solución

Solución

Time : 17.92

Pasos de solución

Translate the problem into an equation:

4490 = 2400 (1 + \frac{0.035}{12})^{12 t}

Resolver para

t, 4490 = 2400 (1 + \frac{0.035}{12})^{12 t} : t = 17.92

Time : 17.92

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