A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12% compounded quarterly, how long will it take for the money to grow to $55,000? (Round your answer to the nearest whole number.) yr

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 $55,000 as a down payment for a home. If they invest the $40,000 they have at 12% compounded quarterly, how long will it take for the money to grow to $55,000? (Round your answer to the nearest
whole number.)
yr
Transcribed Image Text:A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12% compounded quarterly, how long will it take for the money to grow to $55,000? (Round your answer to the nearest whole number.) yr
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