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12 April, 22:53

Suppose that an investment of $13,000 has grown in value at a rate of 9% per year. If the current value is $16,835.38, then how many years have passed? a. 4 c. 3 b. 4.5 d. 2

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  1. 13 April, 02:50
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    Using simple interest formula,

    I = PNR

    I = Interest = current value - initial value = 16835.38 - 13000 = 3835.38

    P = Principal amount = 13000

    N = number of years which we need to find.

    R = rate of interest = 9% = 0.09.

    So,

    3835.38 = 13000*N*0.09

    N = 3835.38 / (130*9) = 3.278

    so approximately 3 years have passed.
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