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12 September, 18:53

A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.

(a) Write an equation to represent the amount of money in the account as a function of time in years.

(b) Find the amount of time it takes for the account balance to reach $800.

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  1. 12 September, 19:21
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    A) A=500 (1+0.015) ^t

    b) 800=500 (1.015) ^t

    800/500=1.015^t

    t=log (800/500) / log (1.015)

    t=31.6 years
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