Vind4a2daniahti Vind4a2daniahti

21-11-2016
Mathematics

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If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to two decimal places.
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johnkellock johnkellock

22-11-2016

A= P(1 + r/n) ^nt
21000=7000(1+0.055/2)^1t

t = 20.52 years

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