You have $6,000 and will invest the money at an interest rate of .23 percent per month until the account is worth $11,200. How many years do you have to wait until you reach your target account value

22.94 years

Explanation:

The formula to calculate the number of periods of time is:

n =  ln(FV / PV)/ln(1+r), where

n= number of periods of time

FV= Future value= $11,200

PV= Present value= $6,000

r= interest rate= 0.0023*12 (to calculate the rate per year)= 0.0276

n=ln(11,200/6,000)/ln(1+0.0276)

n=0.624/0.0272

n=22.94

According to this, you have to wait 22.94 years until you reach your target account value.

correct, but each time you dont pay the price of the penalty can increase.

answer; commerce clearing house;