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27 August, 09:54

Brooklyn invested $19,000 in an account paying an interest rate of 2.4%

compounded continuously. Assuming no deposits or withdrawals are made, how long

would it take, to the nearest tenth of a year, for the value of the account to reach

$22,900?

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Answers (1)
  1. 27 August, 11:51
    0
    7.9 years

    Step-by-step explanation:

    22900 = 19000 (1.024^n)

    log (22900/19000) = n log (1.024)

    n = 7.8720604585
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