Anita deposited $1100 into an account paying 5.1% per annum, compounded monthly. a) How long will it
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Question:
Anita deposited $1100 into an account paying 5.1% per annum,
compounded monthly.
a) How long will it take for the money to grow to $1700? Write
answer as a combination of years and months, rounded to the
nearest month.
b) If the interest was compounded quarterly would it take longer or
shorter? Explain.
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