We appreciate your visit to You invested 12 000 in an account at 2 3 compounded monthly How long will it take you to get to 20000. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Time taken for principal to amount to 20000 is 270 months .
Given,
Principal = 12000
Amount = 20000
Rate of interest = 2.3% compounded monthly.
Now,
C I = 20000-12000
C I = 8000
Formula for compound interest calculated monthly,
A = P(1 + (r/12)/100)^12t
Substitute the data,
20000 = 12000 (1 + (2.3/12)/100)^12t
t≅ 270 months.
Hence the required time is approximately 270 months.
Know more about compound interest,
https://brainly.com/question/14295570
#SPJ1
Thanks for taking the time to read You invested 12 000 in an account at 2 3 compounded monthly How long will it take you to get to 20000. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
