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4. (2 points) $8,000 is invested in an account paying 6% annual percentage rate of interest, compounded monthly. How long will it take for the investment to amount to $15,000? Give your answer in years rounded to one decimal place. Show your work.

4. (2 points) $8,000 is invested in an account paying 6% annual percentage rate of interest, compounded monthly. How long will it take for the investment to amount to $15,000? Give your answer in years rounded to one decimal place. Show your work.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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4. (2 points) $8,000 is invested in an account paying 6% annual percentage rate of interest, compounded monthly. How long will it take for the investment to amount to $15,000? Give your answer in years rounded to one decimal place. Show your work.
Transcribed Image Text:4. (2 points) $8,000 is invested in an account paying 6% annual percentage rate of interest, compounded monthly. How long will it take for the investment to amount to $15,000? Give your answer in years rounded to one decimal place. Show your work.
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