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Nastasia [14]
3 years ago
5

How long would it take to have $1335.60 in interest if principal is $5300 and interest rate is 7%

Mathematics
1 answer:
Solnce55 [7]3 years ago
5 0
(5300 + 1335.6)  = 5300(1 + 0.07)^n   where n is the number of years required

6635.6 = 5300(1.07)^n
(1.07)^n = 1.252
n log 1.07  = log 1.252

n =  log 1.252 / log 1.07 = 3.32 years Answer








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