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Harper invested 72,000 in an account paying an interest rate of 2% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 82,600?

Solución

Harper invested 72, 000 in an account paying an interest rate of 2% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 82, 600?

Solución

Time : 6.87

Pasos de solución

Translate the problem into an equation:

82600 = 72000 (1 + \frac{0.02}{12})^{12 t}

Resolver para

t, 82600 = 72000 (1 + \frac{0.02}{12})^{12 t} : t = 6.87

Time : 6.87

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