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irga5000 [103]
2 years ago
7

A person invests 9500 dollars in a bank. The bank pays 5% interest compounded annually. To the nearest tenth of a year, how long

must the person leave the money in the bank until it reaches 13200 dollars?
Mathematics
2 answers:
Elena L [17]2 years ago
8 0

Answer:

6.58 years

Step-by-step explanation:

Step one:

Given data

Principal=$9500

rate= 5%= 0.05

Final amount= $13200

Required:

The time t

Step two

The expression for the compound interest is

A= p(1+r)^t

t = ln(A/P) / r.

substitute

t = ln(13200/9500) /0.05

t= ln(1.39)/0.05

t=0.329/0.05

t=6.58 years

KIM [24]2 years ago
4 0

Answer:

6.7

Step-by-step explanation:

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