At the end of t years, the future value of an investment of $13,000 in an account that pays 9% APR compounded monthly is S=13,000(1 + 0.09 divided by 12) square root 12(t) dollars. Assuming no withdrawals or additional deposits, how long will it take for the investment to amount to $39,000? The investment will grow to $39,000 in ______ years. (Do not round until final answer. Then round to two decimals places as needed)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 27P
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At the end of t years, the future value of an investment of $13,000 in an account that pays 9% APR compounded monthly is S=13,000(1 + 0.09 divided by 12) square root 12(t) dollars. Assuming no withdrawals or additional deposits, how long will it take for the investment to amount to $39,000?

The investment will grow to $39,000 in ______ years.

(Do not round until final answer. Then round to two decimals places as needed)

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