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Algebra
Question

Suppose that \( \$ 2000 \) is placed in a savings ...

Suppose that \( \$ 2000 \) is placed in a savings account at an annual rate of \( 72 \% \) , compounded monthly. Assuming that no withdrawals are made, how long will it take for the account to grow to \( \$ 3058 \) ? Do not round any intermediate computations, and round your answer to the nearest hundredth. 

Answer

2000\(\times\)(1.072)\(^{x}\)=3058

x=6.11 years

Solution
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