You deposit $1200 in an account with 4% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals. In how many years will the account be growing by $190 per year?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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You deposit $1200 in an account with 4% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals.
In how many years will the account be growing by $190 per year?
A
It will be growing by $190 per year in approximately years.
(Round to nearest tenth of a year.)
1
1
1)
1)
1)
Transcribed Image Text:You deposit $1200 in an account with 4% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals. In how many years will the account be growing by $190 per year? A It will be growing by $190 per year in approximately years. (Round to nearest tenth of a year.) 1 1 1) 1) 1)
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