Question
For the following exercises, use the compound interest formula, $A(t)=P\left(1+\frac{r}{n}\right)^{n t}$How many years had the account from the previous exercise been accumulating interest?
Step 1
- $P$ is the principal amount (the initial amount of money). - $r$ is the annual interest rate (in decimal). - $n$ is the number of times that interest is compounded per year. - $t$ is the time the money is invested for in years. Show more…
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