Bruce would like to buy a pair of shoes that cost $155. He already has $35. His mom will pay him $20 a week to do chores around
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Answer:
7.87 years
Step-by-step explanation:
#First we determine the effective annual rate based on the 9% compounded semi annual;
#We then use this effective rate in the compound interest formula to solve for n. Given that the principal doubles after 2 yrs:
Hence, it takes 7.87 years for the principal amount to double.