Problem 8

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Problem 8

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Problem 8 (Related Exercises: Section 1.7 #4 and Section 1.8 #9) Suppose your business needs to set aside $100,000 for an emergency fund.  That money is invested in an account with a 1.5% APR that is compounded monthly.  How long will it take for the account to reach a total balance of $150,000 or more? 

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This question is taken from Math 11 – Calculus » Summer 2021 » Module 2 Assessment