## [answered] At the end of t years, the future value of an investment of

At the end of t years, the future value of an investment of \$9000 in an account that pays 9% APR compounded monthly is 9000(1+.09/12)12t dollars. Assuming no withdrawals or additional deposits, how long will it take for the investment to reach \$27,000? Round to three decimal places.

Future Value

Investment : I =\$ 9,00 0 0.09

Future Value: F=\$ 9,000 1+

12 ( 12 t ) t=? ; F=\$ 27,000 ( F=\$ 9,000 1+ 0.09

12 12 t ) 12 t =\$ 27,000 ? ( 1+0.0075 ) = ln ( 1.0075 )12 t =ln 3 ?12 t ln...

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This question was answered on: Sep 18, 2020

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