How long will it take for a $2000 investment to grow to $3132 at an annual rate of 10.2%, compounded monthly? Assume that no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest hundredth.

How long will it take for a $2000 investment to grow to $3132 at an annual rate of 10.2%, compounded monthly? Assume that no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest hundredth.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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How long will it take for a $2000 investment to grow to $3132 at an annual rate of 10.2%, compounded monthly? Assume that no withdrawals are made.
Do not round any intermediate computations, and round your answer to the nearest hundredth.
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