SOLUTION: can someone help with this problem please:
Anne purchased a bond for a museum valued at $8000 for $2400. If the bond pays 5.5% annual interest compounded monthly, how long must
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Question 165775: can someone help with this problem please:
Anne purchased a bond for a museum valued at $8000 for $2400. If the bond pays 5.5% annual interest compounded monthly, how long must she hold it until it reaches its full face value/
a. 23.94 years
b. 21.94 years
c. 19.94 years
d. 20.94 years
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!
Working eqn ----->
where ---
Continuing,
----> ANSWER (b), close enough I guess
Thank you,
Jojo
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