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14 June, 22:05

If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to two decimal places.

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  1. 14 June, 22:14
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    A = P (1 + r/n) ^nt

    21000=7000 (1+0.055/2) ^1t

    t = 20.52 years
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