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[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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