how long will it take for her to have enough money for her project?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Linda needs $5395 for a future project. She can invest $5000 now at an annual rate of 3.4%, compounded quarterly. 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.
years
Transcribed Image Text:Linda needs $5395 for a future project. She can invest $5000 now at an annual rate of 3.4%, compounded quarterly. 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. years
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