You invest $5000 into a retirement account earning 4.9% inte…
You invest $5000 into a retirement account earning 4.9% interest compounded monthly. Using the interest formula, A=P(1+rn)nt{“version”:”1.1″,”math”:”A=P(1+rn)nt”}, find:a. How much will you have in your account in 9 years?b. How many years it will take for your investment to reach $12,000? (Round to nearest tenth)