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March 27, 2017

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George invests $ 15 000 at 7.2%/a compounded monthly . How long will it take for his investment to grow to $ 34 000

  • Math - ,

    let the number of months be n
    i = .072/12 = .006
    15000(1.006)^n = 34000
    1.006^n = 2.266666...
    log 1.006^n = log 2.66666..
    n log 1.006 = log 2.26666...
    n = log 2.266666.../log 1.006
    = 136.79 or 137 months
    = 11 years and 5 months

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