QuestionElla invested \ $2,700 in an account paying an interest rate of$ 5.4 \% $compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach$ \ $4,020$ ?

Studdy Solution
Convert the time from months to years and round to the nearest year.
Since $t \approx 7.37$ years, rounding to the nearest year gives:
$t \approx 7$ years

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