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Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does he have to keep the money in this account in order to have a balance of $5,500? Round to the nearest tenth of a year.

The answer was 4 but I answered with 0.1

Sagot :

pandaen932

Answer: In the picture, I showed my work to explain why the answer is four. Just plug in the given values and solve for the unknown.

Step-by-step explanation:

View image pandaen932
View image pandaen932
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