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)
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)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 27P
Related questions
Question
At the end of t years, the
The investment will grow to $39,000 in ______ years.
(Do not round until final answer. Then round to two decimals places as needed)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,