Mary Ellen invests $4000 in an account that earns 1.8% annual interest compounded monthly.
1 answer:
Answer:
22.5 years to the nearest tenth.
Step-by-step explanation:
The equation is
6000 = 4000(1 + 0.018/12)^12t where t = the number of years
(1 + 0.018/12)^12t = 1.5
1.0015^12t = 1.5
Taking logs:
12t log 1.0015 = log 1.5
12t = log 1.5 / log 1.0015
12t = 270.51
t = 22.54 years.
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