Use the Compound Interest Formula to Determine How Long

question 92

Multiple Choice

Use the compound interest formula to determine how long it would take $2150 to grow to $6050 if the annual rate is 5% and interest is compounded monthly. Round your answer to the nearest tenth.

• A) 20.3 years
• B) 20.5 years
• C) 20.7 years
• D) 20.9 years

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