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How long do you need to invest your money in an account earning an annual interest rate of 4.252% compounded monthly so that your investment grows from $1,018.40 to $10,413.00 over that period of time?

Respuesta :

The time needed for the investment to become $10,413 is 54.7 years

How long before $1,018.40 grows to $10,413.00?

Number of years = (In FV / PV) / r  

  • FV = future value
  • PV = present value
  • r = interest rate

r = 4.252/12 = 0.354%

(In 10, 413 / 1,018.40) / 0.00354 = 656.73 months = 54.7 years

To learn more about how to determine the number of years an investment would be equal to a certain value, please check: https://brainly.com/question/21841217

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