A person invests 6500 dollars in a bank. The bank pays 4.75% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11700 dollars?
First of all, consider the formula to calculate compound interest and the terms related to it.
A = the Final Investment Amount in $
P = the Principal amount of money invested in $
r = the rate of interest
t = Time in years
n = the number of times interest is compounded per year
As per the given value in the question, get the values of all the terms in the equation.
Now, put the values in the above form...
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