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OpenStudy (spareb665):
Jim has invested $10000 at a rate of 7.2% that is compounded monthly. How many years will it take for this amount to grow to $25000?
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OpenStudy (kropot72):
\[25000=10000(1+\frac{0.072}{12})^{t}\] where t is the number of months for the principal to grow to $25000. When you solve for t, divide the result by 12 to find the number of years.
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