Question: Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does

Miles would like to open up a CD that has an

Miles would like to open up a CD that has an interest rate of 2.4% compounded monthly. His initial deposit is $5,000. How long does he have to keep the money in this account in order to have a balance of $5,500? Round to the nearest tenth of a year.

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