How long will it take for $5000 invested at 6%/a compounded monthly to grow to $6546.42? a) 4.5 years c) 40 months d) 48 months b) 3 years

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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NAME:
How long will it take for $5000 invested at 6%/a
compounded monthly to grow to $6546.42?
a) 4.5 years
c) 40 months
b)
d)
48 months
3 years
She must decide
Transcribed Image Text:actions - MCR3U0 NAME: How long will it take for $5000 invested at 6%/a compounded monthly to grow to $6546.42? a) 4.5 years c) 40 months b) d) 48 months 3 years She must decide
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