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Vedmedyk [2.9K]

4 years ago

10

If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the intere

st is compounded annually? Round your answer to two decimal places.
...?

1 answer:

butalik [34]4 years ago

4 0

A= P(1 + r/n) ^nt
21000=7000(1+0.055/2)^1t

t = 20.52 years

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