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If Danica has $1200 to invest at 8% per year compounded monthly, how long will it be before he has $2400? If the compounding is continuous,how long will it be? (Round your answe…

If Danica has $1200 to invest at 8% per year compounded monthly, how long will it be before he has $2400? If the compounding is continuous,how long will it be? (Round your answe…
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If Danica has $1200 to invest at 8% per year compounded monthly, how long will it be before he has $2400? If the compounding is continuous,how long will it be? (Round your answers to three decimal places.)

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User Thilak Raj
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7.6k points

1 Answer

2 votes

ANSWER

Step-by-step explanation

a) To find the time it will take before he has $2400, we have to apply the formula for monthly compounded amount:


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answered
User Edward Leno
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7.8k points
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