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20 February, 00:43

Jen wants to save money for the future. Jen invests $700 in an account that pays an interest rate of 6.75% How many years will it take for the account to reach $16,300. Round your answer to the nearest hundredth

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Answers (2)
  1. 20 February, 01:12
    0
    16300=700 (1.0675) ^t

    Solve for t

    t=log (16,300:700) : log (1.0675)

    t=48 years
  2. 20 February, 02:24
    0
    700 x 0.0675 x t = 16,300

    47.25t = 16,300

    t = 16,300 / 47.25

    t = 344.97 years

    answer

    344.97 years
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