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    Annual Interest in a Bank Account

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    You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? Show your work.
    [Hint: use A = Pe-rt and solve for ¿t¿].

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    Solution Preview

    You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? ...

    Solution Summary

    The annual interest in a bank account is determined. The interest is compounded yearly.

    $2.19

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