A principal of $3300 is invested at 4.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer.
A principal of $3300 is invested at 4.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A principal of $3300 is invested at 4.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer.
Transcribed Image Text:A principal of $3300 is invested at 4.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the
calculator provided if necessary.)
Write the smallest possible whole number answer.
years
S
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