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Bogdan [553]
3 years ago
10

Justin invested $7,300 in an account paying an interest rate of 1.5% compounded quarterly. Assuming no deposits or withdrawals a

re made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $8,560?
Mathematics
1 answer:
Liula [17]3 years ago
8 0

Answer:

10.7 years.

Step-by-step explanation:

7,300 * (1 + 0.015)^x = 8,560 <=>

7,300 * 1.015^x = 8,560 <=>

1.015^x = 8,560 / 7,300 <=>

1.015^x = 1.1726 <=>

x = 10.694

To the nearest tenth:

x = 10.7 years

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Step-by-step explanation:

There are a couple of ways to work a problem like this. You have probably been taught to write equations for each of the payment amounts as a function of time, then equate those values to solve for the time that makes them equal.

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