If tanisha has $100 to invest at 8% annum compounded monthly, how long will it be before she has $150?
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First we must convert these mixed numbers to improper fractions:
So then we need the product of these two numbers. That means to multiply:
But then we need the value of half of this product. So then let's multiply by one-half:
Then we can convert this from an improper fraction to a mixed number:
And so this number is half of the product of the initial two numbers.