Keisha deposited 5000 into an account with a 9% annual interest rate, compounded monthly. Assuming that no withdrawals are made, how long will it take for the investment to grow to 7770?

Solución

Solución

Time : 4.92

Pasos de solución

Translate the problem into an equation:

7770 = 5000 (1 + \frac{0.09}{12})^{12 t}

Resolver para

t, 7770 = 5000 (1 + \frac{0.09}{12})^{12 t} : t = 4.92

Time : 4.92

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