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15 October, 02:36

3600 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest year, how long will it take for the account value to reach 7800 dollars?

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  1. 15 October, 03:02
    0
    14.44

    Step-by-step explanation:

    The formula says

    A=p (1+r) ^t

    A 7800

    P 3600

    R 0.055

    T?

    7800=3600 (1+0.055) ^t

    7800/3600 = (1.055) ^t

    Log (7800/3600) = t * log (1.055)

    T=log (7800/3600) / log (1.055)

    T = 14.44 years
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