Clarence deposited $100.00 into a new savings account that earns 14% interest compounded monthly. How long will it take for the balance to grow to $328.00 ? Round your answer to the nearest month.
Added by Paul R.
Step 1
The formula for compound interest is given by: A = P(1 + r/n)^(nt) Where: A = the future value of the investment/loan, including interest P = the principal investment amount (the initial deposit or loan amount) r = the annual interest rate (as a decimal) n = Show more…
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