This is a problem about compound interest, which formula is:
: Future value. ($200,000)
: Present value. ($3,000)
: Annual percentage rate (APR) changed into a decimal. (7%)
: Numbers of years. (?)
: Number of compounding periods per year (12)
Replacing all given values into the formula, we have:
Therefore, approximately 58 months to grow the account to $200,000.
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i would be happy to . most people on would also love to i'm sure. if you just want someone who has done algebra before and want a little more personal relationship than just begging strangers for , i can certainly be of service. i do have college myself so i might not be 24/7.