Exam (elaborations)
MATH 1310 introduction to College Math - Final Milestone
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If $15,000 is invested at 6.5% annual interest compounded annually, how long would it take for the account balance to reach $50,000? Round your answer to the nearest tenth. RATIONALE To find the answer, use the formula for compound interest and solve for t: where: A = 50,000 P = 15,000 r = 6...
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