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mr_godi [17]
2 years ago
13

Tyron is saving up money for a down payment on a motorcycle. He currently has $2979, but knows he can get a loan at a lower inte

rest rate if he can put down $3830. If he invests the $2979 in an account that earns 3.8% annually, compounded continuously, how long will it take Tyrion to accumulate the $3830
Business
1 answer:
kobusy [5.1K]2 years ago
3 0

Answer:

6.6 Years

Explanation:

Number of years = \frac{In(\frac{FV}{PV}) }{r}

FV = future value

PV = present value

r = interest rate

\frac{In(\frac{3830}{2979}) }{0.038} = 6.6 years

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