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when will your account have a balance of $3000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Five years ago you opened a savings account with annual compound interest by depositing $1500. You check your balance today, and it is $1738.91. Assuming u have made and will make no withdrawals or deposits, when will your account have a balance of $3000 ? In ___ years round to nearest tenth

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