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ANEK [815]
3 years ago
9

*Will give brainliest. $1,500 is invested into an account with an interest rate of 6.75%. How many years will it take for the ac

count to reach $7,300? Round to the nearest hundredth
Mathematics
1 answer:
algol [13]3 years ago
7 0
The formula of a continuous compound interest is
A=p e^rt
A future value 7300
P present value 1500
E constant
R interest rate 0.0675
T time?
Solve the formula for t
T=[log (A/p)÷log (e)]÷r
T=(log(7,300÷1,500)÷log(e))÷0.0675
T=23 years
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