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7 January, 20:32

When you were born, your parents opened an investment account in your name and deposited $1,500 into the account. the account has earned an average annual rate of return of 5.3percent. today, the account is valued at $42,856. how old are you?

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  1. 7 January, 21:38
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    To answer this question we are solving for T, time ... or age in this case!

    Ending balance = beginning balance x (1 + annual rate of return) T

    $42,856 = $1,500 x (1 + 0.53) t

    T = 64.91 years

    Rounding to the nearest year, you are about to turn 65 years old!
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