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noname [10]
3 years ago
10

You have $5,000 invested in a bank that pays 3.8% annually. How long will it take for your funds to triple?

Business
1 answer:
TiliK225 [7]3 years ago
3 0
Using compound interest
5000 x 1.035^32 gives me 15033 which is triple the original value, therefore it’s 32 years
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The journal entry is shown below for better understanding:

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