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22 July, 15:07

Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1,300? Round your answer to the nearest hundredth.

A=P (1+r) ^t

P = amount of money invested

r = interest rate percentage in decimal form

t = time in years

A = total money in the account at time

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Answers (1)
  1. 22 July, 18:11
    0
    it takes 3.41 years to get $1300 at an interest rate of 8% from an initial amount of $1000
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