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How long will it take for the account to grow

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Reference no: EM132577819

Suppose that $3000 is placed in a savings account at an annual rate of 6%, compounded monthly. Assuming that no withdrawals are made, how long will it take for the account to grow to $4500?

Do not round any intermediate computations, and round your answer to the nearest hundredth.

Reference no: EM132577819

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