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How long will it take $2,000 to reach $4,800 when it grows at 12 percent per...

How long will it take $2,000 to reach $4,800 when it grows at 12 percent per year? do not round intermediate calculations. round months to 1 decimal place. determine the number of years and months

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Answer #1

Solution :-

According to condition

2000*(1+r)n = 4800

2000*(1+0.12)n = 4800

(1.12)n = 2.4

N = 7.70833

Means 7 years and 8.5 months

It is calculated by calculator take calculator and then write 1.12 and then press * and then press = 7 times and then divide 2.4 by the coming result and you get 1.085 means 12% return for 7 years and 8.5% other which means 8.5 months invested

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