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6 May, 08:29

Kevin opened a savings account with Texas National Bank. His account has an APR of 1.75% compounded quarterly. If Kevin opens his account with $2500, how long will it take for the account to earn $7500?

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  1. 6 May, 10:54
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    it will take 1.7 years

    Step-by-step explanation:

    APR = 1.25%

    Opening balance = X = $2,500

    Total earned balance = Y=$7,500

    Required time = Z

    Therefore;

    Y = X*APR*Z

    Z = Y / (X*APR)

    Z = 7500 / (2500*1.25%)

    Z = 1.7 years
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