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OpenStudy (anonymous):
How long does it take $3,400 to Grow to $7,400 If annual rate is 12% And interest is compounded monthly
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OpenStudy (anonymous):
Use the compound interest formula: \[A = P(1 + r/n)^{nt}\] Here P = 3400, r is 0.12 and n is 12 (since there are twelve months in a year)
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