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26 June, 03:54

Tina wants to save money for school. Tina invests $1,100 in an account that pays an interest rate of 7.25%. How many years will it take for the account to reach $6,600? Round your answer to the nearest hundredth.

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  1. 26 June, 04:43
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    The amount of Tina money can be expressed in an exponent function like this:

    an = $1100 (1.0725) ^n

    The variable an represent the total money and variable n is the years needed to achieve that amount.

    Then, the time needed for the money to reach $6,600 would be:

    an = $1100 (1.0725) ^n

    $6,600 = $1100 (1.0725) ^n

    $1,100 (6) = $1100 (1.0725) ^n

    6 = (1.0725) ^n

    n = log1.075 6

    n = 24.78
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