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anonymous

  • one year ago

Help please. holly wants to save money for an emergency. Holly invests $1,500 in an account that pays an interest rate of 6.75% . How many years will it take for the account to reach $7,300? Round to the nearest hundredth

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  1. anonymous
    • one year ago
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    A= P(1+r)^t is the equation

  2. anonymous
    • one year ago
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    @chris00

  3. anonymous
    • one year ago
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    @BlooooooBlahBLIIIIK

  4. anonymous
    • one year ago
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    now is the interest rate annually?

  5. anonymous
    • one year ago
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    It doesnt state if its annually or not

  6. anonymous
    • one year ago
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    \[A=P \left( 1+r \right)^{t}\] where P=$1500, r=0.0675 A=$7,300

  7. anonymous
    • one year ago
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    we need to find 't'

  8. anonymous
    • one year ago
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    Yes

  9. anonymous
    • one year ago
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    Would it be 24.23??

  10. anonymous
    • one year ago
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    \[7300=1500\left( 1+0.0675 \right)^{t}\] \[7300=1500\left( 1.0675 \right)^{t}\] Dividing both sides by 1500, \[\frac{ 73 }{ 15 }=1.0675^{t}\] Taking the logarithm, \[\ln \left( \frac{ 73 }{ 15 } \right)=tln \left( 1.0675 \right)\] Making 't' the subject, \[t=\frac{ \ln \left( \frac{ 73 }{ 15 } \right) }{ \ln \left( 1.0675 \right) }\]

  11. anonymous
    • one year ago
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    which is t=24.23!

  12. anonymous
    • one year ago
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    Yay thank you for much for explaining it for me!!

  13. anonymous
    • one year ago
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    no problem :)

  14. anonymous
    • one year ago
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    remember it is 24.23 years. never forget units!!!

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spraguer (Moderator)
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