Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly.

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Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does he have to keep the money in this account in order to have a balance of $5,500? Round to the nearest tenth of a year.

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Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

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Question Posted: Sep 12, 2022 03:18 AM

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Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly.

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WE are going to use the formula AP1rn A5500P5000...View the full answer

Financial Algebra Advanced Algebra With Financial Applications

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