If $4000 is deposited at the end of each half year in an account that earns 6.2 % compounded semiannually, how long will it be before the account contains $120,000?

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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If $4000 is deposited at the end of
each half year in an account that
earns 6.2 % compounded
semiannually, how long will it be
before the account contains
$120,000?
Transcribed Image Text:If $4000 is deposited at the end of each half year in an account that earns 6.2 % compounded semiannually, how long will it be before the account contains $120,000?
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9781285195728
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Jerome E. Kaufmann, Karen L. Schwitters
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Cengage Learning