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Jaxon invested $960 in an account paying an interest rate of 6.1% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account
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Jaxon invested $960 in an account paying an interest rate of 6.1% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $1,720

User Myla
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1 Answer

12 votes

Answer: 10 years

Explanation:

1720=960(1+0.061/12)

User Roberto Conte Rosito
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