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Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly and you also make monthly contributions of $50 (first monthly contribution made
Suppose you deposit $5,000 into an account earning 4 percent interest, compounded monthly and you also make monthly contributions of $50 (first monthly contribution made one month after the initial deposit is made). How many years (rounded to one decimal place - for example, 32.1843 year = 32.2) will it take for the account to grow to $7,500 in this case?
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