Ella invested $4,900 in an account paying an interest rate of 3% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $5,920?

It would take 6 years for the value of the account to reach $5,920

Step-by-step explanation:

Principal Amount = $4900

Interest rate r = 3% = 0.03

Compounded monthly = n=12

Time t =?

Future Value = $5920

We can find time using formula:

Putting values and solving:

Applying exponent rule;

So, It would take 6 years for the value of the account to reach $5,920

lol we need to see what the question is asking about

step-by-step explanation:

answer: 7

step-by-step explanation: