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You invest R15 000 at 16.5% per year, compounded monthly. The investment amounts to R40 097.17. Calculate the period of the investment in months.
in QMI1500 by Diamond (40.2k points) | 10 views

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A = P(1+R/n)^nt R40 097.17 =R 15000(1+ 0.165/12)^ 12t 2.673 = (1.01375)^12t ln 2.673 = 12t ln 1.01375 ln 2.673/ln 1.01375 = 12t 71.99 = 12t t = 6 years
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