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Tom wants to invest $8,000 in a retirement fund that guarantees a return of 8.45% and is compounded monthly. Determine how many years (round to hundredths) it will take for his …

Tom wants to invest $8,000 in a retirement fund that guarantees a return of 8.45% and is compounded monthly. Determine how many years (round to hundredths) it will take for his …
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Tom wants to invest $8,000 in a retirement fund that guarantees a return of 8.45% and is compounded monthly. Determine how many years (round to hundredths) it will take for his investment to double

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User MatuDuke
by
7.4k points

1 Answer

7 votes

Answer:

The answer is 1 year Tommy will take 1 year to his investment

Explanation:

answered
User SuddenHead
by
8.3k points
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