Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4000 dollars is deposited in an account that pays an apr of 7.9% compounded annually. how long does it take for the balance to reach

4000 dollars is deposited in an account that pays an apr of 7.9% compounded annually. how long does it take for the balance to reach 160,000
image text in transcribed
$4000 is deposited in an account that pays an APR of 7.9% compounded annually. How long will it take for the balance to reach $160,000? It will take years for the balance to reach $160,000 (Round up to the nearest year.) Enter box

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management For Nurse Managers Merging The Heart With The Dollar Merging The Heart With The Dollar

Authors: J. Michael Leger, Janne Dunham-Taylor

4th Edition

1284127257, 978-1284127256

More Books

Students also viewed these Finance questions

Question

What might be done to sustain it or refresh and extend it?

Answered: 1 week ago