Answer:
11 years.
Step-by-step explanation:
Given that Carter invested $ 16,000 in an account paying an interest rate of 5.6% compounded monthly, to determine, assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $ 29,600, the following calculation must be performed:
16,000 x (1 + 0.056 / 12) ^ Yx12 = 29,600
Y = 11
16,000 x 1.4666 ^ 132 = X
29,581.70 = X
Thus, rounded to the nearest year, it would take 11 years for the account to reach $ 29,600.
