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Sadie wants to invest $2,000 in an account that earns 5.2% interest, compounded monthly. How many years will it take for the account to have a value of $5,000? Round to the near…

Sadie wants to invest $2,000 in an account that earns 5.2% interest, compounded monthly. How many years will it take for the account to have a value of $5,000? Round to the near…
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Sadie wants to invest $2,000 in an account that earns 5.2% interest, compounded

monthly. How many years will it take for the account to have a value of $5,000?
Round to the nearest tenth.
About ___ years

Sadie wants to invest $2,000 in an account that earns 5.2% interest, compounded monthly-example-1
User Crouch
by
8.2k points

1 Answer

5 votes

Answer:

29 years

Explanation:

5.2% of 2000= 104 each year time 104 * 29 = 3016+2000=5016

2000 being the previous amount.

User Shahar Mosek
by
8.2k points
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