Homework Help: MATH

Posted by CINDY on Tuesday, January 1, 2013 at 11:06pm.

If I deposit $3500.00 into an account with a annual rate of 4.5 compounded monthly how long would it to reach $5000.00

MATH - Steve, Wednesday, January 2, 2013 at 10:55am
solve for t:

5000 = 3500(1+.045/12)^(12*t)
t =~ 8 years

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