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Kruka [31]
3 years ago
5

PLEASE HELP !!!!

Mathematics
1 answer:
Bess [88]3 years ago
4 0

Answer:

About 31 years

Step-by-step explanation:

Given data

Principal= $3500

Rate=  4.75%

Final amount= $15,000

Time=??

The expression for time on compound interest is

Calculate time, solve for t

t = ln(A/P) / r

substitute

Calculate time, solve for t

t = ln(15000/3500) / 0.0475

t= ln(4.2857)/ 0.0475

t= 1.4552/0.0475

t= 30.63 years

Hence it will take about 31 years

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