Suppose you have $6600 deposited at 3.95% compounded quarterly. About long will it take your balance to increase to $8600? years Round your answer to the nearest tenth of a year
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Step 1: Calculate the formula for compound interest: A = P(1 + r/n)^(nt) Where: A = the amount of money accumulated after n years, including interest P = the principal amount (initial deposit) r = annual interest rate (as a decimal) n = number of times that Show more…
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