Question: nt Use the model A = Pe or A = P(1+! ) . where A is the future value of P dollars invested at interest

nt Use the model A = Pe" or A = P(1+! ) . where A is the future value of P dollars invested at interest rate 7 compounded continuously or n times per year for / years. If $ 12,000 is put aside in a money market account with interest compounded monthly at 2.3%, find the time required for the account to earn $3000. Round to the nearest month. It will take approximately years and months for the account to earn $3000. X

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