Holly wants to save money for a emergency. Holly invests $1,100 in an account that pays an interest rate of 8.75%

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Wesley Fleming

Mathematics

15 May, 00:32

Holly wants to save money for a emergency. Holly invests $1,100 in an account that pays an interest rate of 8.75%

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Bo Decker · Answer 1

P=amount of money investedr = interest rate percentage in decimal formt=time in yearsa=total money in the account at a time A = P (1 + rt) A/P = 1 + rtA/P - 1 = rtt = ((A/P) - 1) / r t = ((5500/1000) - 1) / (6.25/100) t = (5.5-1) / 0.0625t = 4.5/0.0625 = 72 years It will take 72 years.