c) Mr Jason deposited $5000 into an account paying 6% annual interest compounded monthly, how long will it take for him to have $8000 in the account?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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c) Mr Jason deposited $5000 into an account paying 6% annual interest compounded monthly, how
long will it take for him to have $8000 in the account?
Transcribed Image Text:c) Mr Jason deposited $5000 into an account paying 6% annual interest compounded monthly, how long will it take for him to have $8000 in the account?
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