A couple from San Diego needs $20,000.64 as a down payment for their first home. If they invest the $8,000.00 they have now at 6% compounded semi-annual, how long will it take for money to grow into $20,000.64?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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couple from San Diego needs $20,000.64 as a down payment for their first home.
If they invest the $8,000.00 they have now at 6% compounded semi-annual, how long will it take for their
money to grow into $20,000.64?
It will take
years. (If needed, round your answer to 1 decimal place.)
Transcribed Image Text:A couple from San Diego needs $20,000.64 as a down payment for their first home. If they invest the $8,000.00 they have now at 6% compounded semi-annual, how long will it take for their money to grow into $20,000.64? It will take years. (If needed, round your answer to 1 decimal place.)
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