Ortiz Davey
03/11/2023 · Elementary School

How long will it take for a \( \$ 5000 \) investment to grow to \( \$ 23,080 \) at an annual rate of \( 8 \% \), compounded semiannually? Assume that no withdrawals are made Do not round any intermediate computations, and round your answer to the nearest hundredth.

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It will take approximately 19.53 years for the investment to grow to $23,080.

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