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21 September, 19:54

Holly wants to save money for an emergency. Holly invests $1500 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $7300?

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  1. 21 September, 23:33
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    7300=1500 (1+0.0675) t 7300=1500 (1.0675) t Dividing both sides by 1500, 7315 = 1.0675t Taking the logarithm, ln (7315) = tln (1.0675) Making 't' the subject, t = ln (7315) ln (1.0675)

    which equals t=24.23
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