How long does it take for a loan of $5000 to accumulate $1000 if interest is compounded semi-annually at 10%? O1 year, 10 months, 13 days O1 year, 10 months, 29 days 3 years, 9 months, 28 days O 3 years, 8 months, 26 days

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section: Chapter Questions
Problem 48CR
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How long does it take for a loan of $5000 to accumulate $1000 if interest is
compounded semi-annually at 10%?
1 year, 10 months, 13 days
1 year, 10 months, 29 days
3 years, 9 months, 28 days
3 years, 8 months, 26 days
Transcribed Image Text:How long does it take for a loan of $5000 to accumulate $1000 if interest is compounded semi-annually at 10%? 1 year, 10 months, 13 days 1 year, 10 months, 29 days 3 years, 9 months, 28 days 3 years, 8 months, 26 days
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