Question

Asked Dec 12, 2019

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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?

Step 1

Given:

A person invests 3000 dollars at 5.75% interest compounded annually. The accumulated amount is 7200 dollars. That is,

Step 2

Now compute the time period using the below formula.

Step 3

Substitute the known values in the a...

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