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Elina [12.6K]
3 years ago
10

Select the correct answer. Karishma deposits $350 in a savings account with an interest rate of 5% compounded twice per year. Sh

e knows that she should use the compound interest formula for this situation, where is the initial deposit, r is the interest rate, n is the number of times the interest is compounded per year, and t is the number of years. Which equation could she use to calculate the number of years it will take the value of the account to reach $700?
Mathematics
2 answers:
BlackZzzverrR [31]3 years ago
6 0

Answer:

photo below

Step-by-step explanation:

andreyandreev [35.5K]3 years ago
5 0

Answer:

It takes $350 14 years to reach $700 with a semiannual interest rate of 2.5%.

Step-by-step explanation:

Giving the following information:

Initial deposit (PV)= $350

Interest rate (r)= 0.05/2= 0.025

Number of perids (n)= ?

Future Value (FV)= $700

<u>To calculate the time required to reach the objective, we need to use the following formula:</u>

<u></u>

n= ln(FV/PV) / ln(1+r)  

n= ln(700/350) / ln (1.025)

n= 28.07

28.07/2= 14

It takes $350 14 years to reach $700 with a semiannual interest rate of 2.5%.

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