Suppose $11,400 is invested in a monthly compounded account at 4.98%. Approximately how long will it take for the balance to reach $25,650 ? Round the answer to the nearest tenth of a year. 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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Suppose $11,400 is invested in a monthly compounded account at 4.98%. Approximately how long will it take for the balance to reach $25,650 ?
Round the answer to the nearest tenth of a year.
years
Transcribed Image Text:Suppose $11,400 is invested in a monthly compounded account at 4.98%. Approximately how long will it take for the balance to reach $25,650 ? Round the answer to the nearest tenth of a year. years
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