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14 November, 14:17

On January 1, 1970, Lois deposited $1950 into a savings account paying 6.6% interest, compounded semiannually. If she hasn't made any additional deposits or withdrawals since then, and if the interest rate has stayed the same, in what year did her balance hit $3900, according to the rule of 72? A. 1979 B. 1981 C. 1982 D. 1980

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  1. 14 November, 14:31
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    3900=1950 (1+0.066/2) ^2t

    Solve for t

    t = (log (3,900:1,950) : log (1+0.066:2)) : 2

    t=10.7 years
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