Koolioo39671 Koolioo39671

21-02-2024
Mathematics

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7. find when an investment of $1500 accumulates to a value of $3750 if the investment earns 8% interest compounded monthly.

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LiPrk4wood LiPrk4wood

21-02-2024

t ≈ 7.83 years

So, it takes approximately 7.83 years for the investment of $1500 to accumulate to a value of $3750 with an interest rate of 8% compounded monthly.

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