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17 June, 11:17

If tanisha has $100 to invest at 8% annum compounded monthly, how long will it be before she has $150?

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  1. 17 June, 15:14
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    An exponential behavior can be observed.

    Let x be the number of years she has to wait.

    100 ((1+0.08/12) ^12x) = 150

    Now solve for x.

    log base 1.08/12 of 1.5 = 61.02 approx

    12x=61.02

    x=5.09 years
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