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Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 8.8 percent per year, compounded monthly.

Solución

Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 8.8 percent per year, compounded monthly.

Solución

Time : 4.16

Pasos de solución

Translate the problem into an equation:

7200 = 5000 (1 + \frac{0.088}{12})^{12 t}

Resolver para

t, 7200 = 5000 (1 + \frac{0.088}{12})^{12 t} : t = 4.16

Time : 4.16

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