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Ira Lisetskai [31]

3 years ago

7

A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.

1 answer:

Ghella [55]3 years ago

3 0

A) A=500(1+0.015)^t
b)800=500(1.015)^t
800/500=1.015^t
t=log(800/500)/log(1.015)
t=31.6 years

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