Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You deposit $12,000 in a savings account, and it grew to $24,900. If you earned only 3.4%, how many years did it take to reach

You deposit $12,000 in a savings account, and it grew to $24,900. If you earned only 3.4%, how many years did it take to reach that final balance. Assume quarterly compounding. Round to the nearest year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions