SOLUTION: Find out how long it takes a $3000 investment to earn $500 interest if it is invested at 7% compounded monthly. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt.

SOLUTION: Find out how long it takes a $3000 investment to earn $500 interest if it is invested at 7% compounded monthly. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt.

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Question 873494: Find out how long it takes a $3000 investment to earn $500 interest if it is invested at 7% compounded monthly. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt.
Answer by harpazo(655) (Show Source): You can put this solution on YOUR website!
Define the letters in your formula and then I can help you.
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