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You can earn .40 percent per month at your bank. If you deposit $2,300, how long must you wait until your account has grown to $4,000

Sagot :

The time it would take the amount deposited in the bank to grow to $4000 is 138.35 months.

What is the time it would take the amount deposited to be $4000?

The formula that can be used to determine the time is:

Number of months =  In(FV / PV) / r

Where:

  • FV = future value
  • PV = present value
  • r = interest rate

In(4000 / 2300) / 0.004 = 138.35 months

To learn more about how to determine time, please check: https://brainly.com/question/21841217

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