Question
How many years does it take an investment of $10,000 to increase in value to $16,000 at the annual rate of 3.5%, compounded monthly? Round
How many years does it take an investment of $10,000 to increase in value to $16,000 at the annual rate of 3.5%, compounded monthly? Round your answer to 2 decimal places.
Please explain and show the equation/work
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Modeling the Dynamics of Life Calculus and Probability for Life Scientists
Authors: Frederick R. Adler
3rd edition
840064187, 978-1285225975, 128522597X, 978-0840064189
