A person invests 3000 dollars in a bank. The bank pays 5.75% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 7200 dollars?
A person invests 3000 dollars at 5.75% interest compounded annually. The accumulated amount is 7200 dollars. That is,
Now compute the time period using the below formula.
Substitute the known values in the a...
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