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a person invests $465 in an account that earns 3.1%annual interest compounded monthly, Find when the value of the investment reaches $1000. A- P1+r/n)^nt show steps

Respuesta :

The months in which the amount invested would have a value of $1000 is 294.5 months .

How many months would it take for the value to be 1000?

Number of months =  (In FV / PV) / r

  • FV = future value
  • PV = present value
  • r = interest rate = 3.1 / 12 = 0.26%

(In 1000 / 465) / 0.0026 = 294.5 months

To learn more about how to determine time, please check: https://brainly.com/question/21841217

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