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7 . You have $ 5 0 0 0 toward the purchase of a small boat that will cost $ 6 0 0 0 .

7 .

You have $

5000

toward the purchase of a small boat that will cost $

6000 .

How long will it take the $

5000

to grow to $

6000

if it is invested at

5 %

compounded monthly? Solve algebraicallyRound to the nearest hundredth.

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