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You deposit $5700 in 7 bank account that pays 6.25% interest. How long would it take the account to reach $18,000 if the interest is compounded monthly?

Sagot :

itzjeremy2

Answer:

The result is the number of years, approximately, it'll take for your money to double. For example, if an investment scheme promises an 8% annual compounded rate of return, it will take approximately nine years (72 / 8 = 9) to double the invested money

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