A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6% compounded semi-annual, how long will it take for the money to grow into $12,136.31?
A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6% compounded semi-annual, how long will it take for the money to grow into $12,136.31?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Transcribed Image Text:A couple needs $12,136.31 as a down payment for a home. If they invested the $5,000.00 they have at 6%
compounded semi-annual, how long will it take for the money to grow into $12,136.31?
years. (If needed, round your answer to 1 decimal place.)
It will take
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