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A person invests 6000 dollars in a bank. The bank pays 6.5% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 8300 dollars? A=P\left(1+\frac{r}{n}\right)^{nt} A=P(1+ n r ​ ) nt

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adioabiola

The amount of time for which the money must be left until it reaches 8300 dollars is; 5.15 years

Compound Interest and Duration

Since the final amount and the Principal amount are $8300 and $6000 dollars respectively, and the interest rate is 6.5%.

It follows that from A=P(1+ nr) nt that;

  • 8300 = 6000(1.065)^t

  • 8300/6000 = (1.065)^t

  • 1.383 = (1.065)^t

t = 5.15 years.

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