Answer :
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
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