How Long Will It Take $3,000 to Grow to $8,500

question 251

Short Answer

How long will it take $3,000 to grow to $8,500 if the investment earns interest at the rate of 18% / year compounded monthly? Round your answer to the nearest tenth.
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__________ year(s)

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Definitions:

Training

The process of enhancing one’s skills, knowledge, and competencies through various forms of learning and education.

Competencies

Competencies are a set of defined behaviors, skills, knowledge, and abilities that are required for effective performance in a job role or task.

Effective Performers

Individuals who consistently achieve or surpass their goals through skills, competencies, and behaviors that contribute notably to organizational success.

Ineffective Performers

Ineffective Performers are individuals whose work results do not meet the established standards or expectations due to skill gaps, lack of motivation, or other factors.