How long must $4200 be in a bank at 8% interest compounded annually to become $10,576.31? a. 11 years b. 12 years c. 13 years d. 14 years

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
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[item-5] PLEASE PROVIDE THE CORRECT AND SOLUTION. (kindly provide complete and full solution. i won't like your solution if it is incomplete or not clear enough to read.) 

 

How long must $4200 be in a bank at 8% interest
compounded annually to become $10,576.31?
a. 11 years
b. 12 years
c. 13 years
d. 14 years
Transcribed Image Text:How long must $4200 be in a bank at 8% interest compounded annually to become $10,576.31? a. 11 years b. 12 years c. 13 years d. 14 years
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