Answered

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Solve the problem If $18,000 is put aside in a money market account with interest reinvested monthly at 2.3%, find the time required for the account to nt where A represents the future value of P dollars invested at an earn $2,000. Round to the nearest month. Use the model A= p [ 1 + r/n ] interest rate r compounded n times per year for t years

a. 96 months
b. 5 months
c. 97 months
d. 55 months

Sagot :

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