Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If an investment of $1166.00 earned interest of $333.00 at 7.8% compounded monthly, for how many years and months was the money invested? State your
If an investment of $1166.00 earned interest of $333.00 at 7.8% compounded monthly, for how many years and months was the money invested? State your answer in years and months (from 0 to 11 months).
The money was invested for year(s) and month(s).
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