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How Long Does It Take for an Account Containing $5,500

Question 74

Multiple Choice

How long does it take for an account containing $5,500 to be worth $13,600 if the money is invested at 12% compounded monthly? Round your answer to the one decimal place. ​


A) 8.8 years
B) 6.3 years
C) 7.6 years
D) 8.2 years
E) 9.5 years

Correct Answer:

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