Asked by Leah

Determine the term of a $46000 investment with an interest rate of 3.9%, compounded monthly, if the future value is $100000. Round your answer to the nearest year.

- I know I use the rule of 72 but what do you do after that?

Answers

Answered by Henry
P = Po(1+r)^n

Use same procedure as your 2-16-14, 4:08
AM post.

Po = $46,000
P = $100,000
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