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29 April, 02:38

Liam opened a savings account and deposited $ 6000 $6000dollar sign, 6000. The account earns 5 % 5%5, percent in interest annually. He makes no further deposits and does not withdraw any money. In t tt years, he has $ 8865 $8865dollar sign, 8865 in this account.

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  1. 29 April, 03:50
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    9 years 7 months

    Step-by-step explanation:

    I believe we're to find how long it took.

    The interest on the money is $8865 - $6000 = $2865

    Interest = P x t x r

    P is the principal money $6000

    t is time in years

    r is the rate 5% = 0.05

    Equating, we have

    2865 = 6000 x t x 0.05

    2865 = 300t

    t = 2865/300 = 9.55 yrs

    Approximately 9 years 7 months
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