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Bill invests $3000 in a bound fund with an interest rate of 9% per year. If bill does not withdraw any money, in how many years will his bond fund be worth $5000?

Bill invests $3000 in a bound fund with an interest rate of 9% per year. If bill does not withdraw any money, in how many years will his bond fund be worth $5000?
asked 57.1k views
8 votes
Bill invests $3000 in a bound fund with an interest rate of 9% per year. If bill does not withdraw any money, in how many years will his bond fund be worth $5000?

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User Palo Mraz
by
8.1k points

1 Answer

4 votes

Answer:

around 5.93 years

Explanation:

A=P(1 + r/n)^n(t)

5000=3000(1 + .09/1)^1(t)

answered
User Tasmaniski
by
8.3k points
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