8000$ is invested in an account that yields 6% interest per year. after how many years will the account be worth 13709.60$ if the interest is compounded monthly?
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Answer:
=> n = 9.24 - years will the account be worth 13709.60$ if the interest is compounded monthly
Step-by-step explanation:
principle (Amount invested) P = $ 8000
Rate of interest R = 6 % per annum
Time (n) = n Years
A = 13709.60
A = P (1 + R/100)ⁿ
=> 13709.60 = 8000 ( 1 + 6/100)^n
=> 1.7137 = ( 1.06)^n
=> log 1.7137 = n x log 1.06
=> 0.2339 = n x 0.0253
=> n = 9.24
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