How long will it take $13,000 to grow to $17,000 if the investment earns interest at the rate of 2%/year compounded monthly? (Round your answer to two decimal places.) X yr

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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13.51
How long will it take $13,000 to grow to $17,000 if the investment earns interest at the rate of 2%/year
compounded monthly? (Round your answer to two decimal places.)
X yr
Transcribed Image Text:13.51 How long will it take $13,000 to grow to $17,000 if the investment earns interest at the rate of 2%/year compounded monthly? (Round your answer to two decimal places.) X yr
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