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Use logarithms to solve the problem. How long will it take $ 1 2 , 0 0 0 to grow to $ 1 9 ,

Use logarithms to solve the problem.

How long will it take $

12, 000

to grow to $

19, 000

if the investment earns interest at the rate of

5 %

per year compounded monthly?

(

Round your answer to two decimal places.

)

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