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Teresa needs 4768 for a future project. She can invest 4000 now at an annual rate of 4.8% , compounded monthly. Assuming that no withdrawals are made, how long will it take for her to have enough money for her project?

Solution

Solution

Time : 3.67

Solution steps

Translate the problem into an equation:

4768 = 4000 (1 + \frac{0.048}{12})^{12 t}

Solve for

t, 4768 = 4000 (1 + \frac{0.048}{12})^{12 t} : t = 3.67

Time : 3.67

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