Question

Bill invests $3000 in a bound fund with an interest rate of 9% per year. If bill does not withdraw any money, in how many years will his bond fund be worth $5000?

Answer 1

around 5.93 years

Explanation:

A=P(1 + r/n)^n(t)

5000=3000(1 + .09/1)^1(t)