A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6% compounded semi-annual, how long will it take for the money to grow into $12,136.31?

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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A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6%
compounded semi-annual, how long will it take for the money to grow into $12,136.31?
years. (If needed, round your answer to 1 decimal place.)
It will take
Transcribed Image Text:A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6% compounded semi-annual, how long will it take for the money to grow into $12,136.31? years. (If needed, round your answer to 1 decimal place.) It will take
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