Investments Refer to Exercise 56. In November of which year will an investment of $4,000 made in November of 2010 first exceed $5,200?
Reference:
Investments In November 2010, ING Direct was offering 2.4% interest on its Orange Savings Account, with interest reinvested quarterly. Find the associated exponential model for the value of a $4,000 deposit after t years. Assuming this rate of return continued for eight years, how much would a deposit of $4,000 in November 2010 be worth in November 2018? (Answer to the nearest $1.)
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