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. A person invests 10000 dollars in a bank. The bank pays 5.5% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the in the bank until it reaches 27400 dollars?
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3 votes
.

A person invests 10000 dollars in a bank. The bank pays 5.5% interest compounded
monthly. To the nearest tenth of a year, how long must the
person leave the
in the bank until it reaches 27400 dollars?
leave the money
r
A = P(1 + -)nt
n​

User Dusual
by
7.5k points

1 Answer

3 votes

Answer:

The answer is 18.4 months.

User EpokK
by
7.6k points
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