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15 June, 12:15

Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

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  1. 15 June, 12:27
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    40,000 (1+.06/6) ^6t=40,000

    ln40400/40000

    (ln=natural log)
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