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You currently have $5,800 (Present Value) in an account that has an interest rate of 3.5% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $10,440 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.

You currently have $5,800 (Present Value) in an account that has an interest rate of 3.5% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $10,440 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You currently have $5,800 (Present Value) in an account that has an interest rate of 3.5% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $10,440 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.
Transcribed Image Text:You currently have $5,800 (Present Value) in an account that has an interest rate of 3.5% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $10,440 (Future Value). In how many years will you be able to withdraw all your money? The number of years is Round your answer to 1 decimal place.
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