You deposit $1500 in an account with 3% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals. In how many years will the account be growing by $190 per year?
You deposit $1500 in an account with 3% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals. In how many years will the account be growing by $190 per year?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Part 1
You deposit
compound interest . Complete the following, assuming you make no additional deposits or withdrawals.
$1500
in an account with
3%
annual In how many years will the account be growing by
$190
per year?It will be growing by
$190
per year in approximately
enter your response here
years. (Round to nearest tenth of a year.)
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