Byron deposits 13,500 in an account that earns 2.6% interest compounded monthly. How many years will it take for Byron's money to double if he does not deposit or withdraw any funds during that time?

About 27 years.

Step-by-step explanation:

Byron deposits $13,500 in an account that earns 2.6% interest compounded monthly, and we want to determine how many years it will take for Byron's money to double.

Recall that compound interest is given by the formula:

Since our initial deposit is $13,500 at a rate of 2.6% compounded monthly, P = 13500, r = 0.026, and n = 12:

For his deposit to double, A must equal $27,000. Hence:

Solve for t:

In conclusion, it will take Byron about 27 years for his deposit to double.

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step-by-step explanation:

the following points can be visualized easily from the graph

answer: the is put the 450

step-by-step explanation: