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Annual Interest in a Bank Account

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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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