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Irina18 [472]
2 years ago
5

Molly Invests $8,600 into her son's college fund, which earns 3% annual interest

Mathematics
1 answer:
8_murik_8 [283]2 years ago
7 0

Answer:

n= 13.8 years

Step-by-step explanation:

<u>First, we need to determine the daily interest rate:</u>

Daily interest rate= 0.03 / 365

Daily interest rate= 0.000082

<u>Now, using the following formula we can determine the number of days and years:</u>

n= ln(FV/PV) / ln(1+i)  

n= ln(13,000 / 8,600) / ln(1.000082)

n= 5,039 days

<u>In years:</u>

n= 5,039/365

n= 13.8 years

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Sveta_85 [38]

Sam paid $ 124.032 as tax deduction each week.

<h3>What is an Equation ?</h3>

An equation is a mathematical statement formed when an algebraic expression is equated by an equal sign by a constant or algebraic expression.

It is given that

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Let the amount of Tax deduction is represented by $x

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brainly.com/question/10413253

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