A principal of $4500 is invested at 3% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account? (Use the calculator provided if necessary.)
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Step 1
P = the principal amount (initial amount of money). r = the annual interest rate (in decimal). n = the number of times that interest is compounded per year. t = the time the money is invested for in years. Show more…
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