Answer:
18 years, 4 months and 10 days.
Step-by-step explanation:
Given that the person invests $ 1000 in an account with compound interest each month, with an interest rate of 6%, to determine how long the investment must maintain to reach $ 3,000, the following calculation must be performed:
3,000 = 1,000 (1 + 0.06 / 12) ^ Yx12
3,000 = 1,000 (1 + 0.06 / 12) ^ 18.36x12
3,000 = 3,000
Therefore, the person must keep his investment for a period of 18.36 years. Since 12 x 0.36 is equal to 4.32, the total investment time should be 18 years, 4 months and 10 days.
