Charmaine needs $7245 for a future project. She can invest $5000 now at an annual rate of 7.2%, compounded monthly. Assuming that no withdrawals are made, how long will it take for her to have enough money for her project? Do not round any intermediate computations, and round your answer to the nearest hundredth.
Charmaine needs $7245 for a future project. She can invest $5000 now at an annual rate of 7.2%, compounded monthly. Assuming that no withdrawals are made, how long will it take for her to have enough money for her project? Do not round any intermediate computations, and round your answer to the nearest hundredth.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Charmaine needs $7245 for a future project. She can invest $5000 now at an annual rate of 7.2%, compounded monthly. Assuming that no withdrawals are
made, how long will it take for her to have enough money for her project?
Do not round any intermediate computations, and round your answer to the nearest hundredth.
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