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4 years ago

5

How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded mont

hly?
Hint: Set up the problem using the formula: A=P(1+r/n )^nt.

1 answer:

evablogger [386]4 years ago

5 0

2p=p(1+0.0075/12)^12t
12t=log(2)/log(1+0.0075/12)
Can you solve for t

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