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If you deposit 1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth 4000 ?

Solution

If you deposit 1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth 4000 ?

Solution

Time : 23.16

Solution steps

Translate the problem into an equation:

4000 = 1000 (1 + \frac{0.06}{12})^{12 t}

Solve for

t, 4000 = 1000 (1 + \frac{0.06}{12})^{12 t} : t = 23.16

Time : 23.16

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