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22 November, 14:38

If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to two decimal places.

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  1. 22 November, 17:58
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    A = P (1 + r/n) ^nt

    21000=7000 (1+0.055/2) ^1t

    t = 20.52 years
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