Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Find out how long it takes for a $3400 investment to earn $400 interest if it is invested at 9% compounded semiannually. Round to the
Find out how long it takes for a $3400 investment to earn $400 interest if it is invested at 9% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1+r/n) to the power of nt. The answer is 1.3 years. How did they get that answer?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started