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Home > A2C > Chapter 10 > Lesson 10.2.4 > Problem 10-112

10-112.

If you deposit $1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth $4000? Homework Help ✎

Use y = abx where:
y = amount in account ($)
x = time (months)
a = start point = 1000
b = multiplier = .06

23.16 years