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21 March, 09:25

A savings account deposit of $300 is to earn 5.8% interest. After how many years will the investment be worth $900?

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  1. 21 March, 09:34
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    900=300 (1+0.058) ^t divide each side by 300

    3=1.059^t

    Log (3) = t*log (1.058)

    T=log (3) / log (1.058)

    T==19.5 years
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